A South Korean blockchain startup backed by electronics giant Samsung has raised $7.5 million as part of a funding round, in a move expected to help the firm grow its blockchain offering.
Blocko, which provides blockchain infrastructure to enterprise and government clients, raised the funds in South Korea, drawing investment from Shinhan Bank, KEB Hana Bank and Dadam Investment, as well as Big Hit Entertainment and LB Investment.
Founded back in 2014, Blocko recently launched its Aergo Enterprise solution, aimed at providing technical infrastructure to enterprise clients. According to Blocko, the solution was developed to meet a “growing need for data sharing between industries and companies in areas such as identity verification, document management, and the Internet of Things.”
To date, the platform has been used by some of the country’s largest firms, including Korea Exchange, Shinhan Financial Group, Korea Electronics and Telecommunications Research Institute and Hyundai Motor Group.
The firm has also developed solutions for government agencies, including The Land Registry Project in South Korea, which has helped transition land title ownership to the blockchain.
Blockco CEO, Kim Won-beom said the investment would also allow the firm to focus on developing blockchain solutions for smart grid applications.
We will also showcase various blockchain-based solutions that can be utilized in the smart grid field, where it was difficult to implement effective business models with existing information (IT) infrastructure through collaboration with various corporate customers and institutions.
The firm is backed by Samsung SDS, the IT subsidiary of the electronics group. Samsung SDS is reported to have invested in the firm as far back as 2016, at the time “to support commercialization of emerging blockchain technology in various sectors including IoT [Internet of Things].”
The latest funding round will help Blocko move further towards that end, with the firm considered one of Korea’s most promising emerging blockchain businesses.
With more enterprise clients and government agencies expected to turn to its blockchain solutions in the near future, with more projects already in the pipeline, the investment looks to be well-timed for the blockchain startup.
The investment brings the total amount raised to date to $20 million.
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