Business

Neil Mathew

Alibaba’s investment arm invests in blockchain privacy startup QEDIT

China has believed in blockchain for some time now, and the investment arm of one of the most well-known Chinese companies in the world – Alibaba – has just participated in funding a new blockchain privacy startup called QEDIT.

This is the series A round of fundraising for QEDIT, which has raised a total of $14 million among some well-known venture capital firms. While there are some startups that are founded by one visionary – QEDIT is a Israel-based blockchain enterprise-oriented startup that was founded by three tech entrepreneurs, Jonathan Rouach, Dr Aviv Zohar, and Ruben Arnold. The three individuals are the CEO of the company, the chief scientist, and the chief financial officer (CFO), respectively.

QEDIT has developed a privacy solution that is compatible with some of the most well-known blockchain stacks out there, including Ethereum, Corda, Quorum, and more. The company describes the solution as a “trust accelerator among companies that wish to collaborate on data that cannot be shared.” The company also lists Deloitte, one of the largest and most well-known professional service networks in the world, as a partner on its website.

The new financing round will be used partially for new hires. The company wants to grow from 25 to 30 employees to help QEDIT “gain access to markets and tenders throughout the world.”

QEDIT also announced several high-profile partnerships with the new funding, including a partnership with VMware, which focuses on cloud computing and platform virtualization services. QEDIT is already working with VMware, and more announcements will supposedly be made at the upcoming VMworld 2019 conference, set to take place in San Francisco in late August. The CEO, Rouach, added:

“The first pilots are taking place now, and the announcement of this is scheduled for the VMworld 2019 conference in several months. This is not proof of feasibility; it is preparatory work for actual deployment.”

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