Blockchain News

Chronicled raises $16 million in series A funding round to expand networks and team

US blockchain-based smart supply chain platform
builder Chronicled has raised $16 million (£12.4m) in a series A funding round
led by Mandra Capital and with participation from Streamlined Ventures, The
Perkins Fund, Frank Fiore, and David Aho.

Chronicled is currently piloting the MediLedger
Network with a group of major companies, including manufacturers, solution
providers, and distributors. It is also planning to launch the network
commercially in 2019. The accumulated funds in the series A financing round
will allow the expansion of the MediLedger Network with service provider
integrations and additional protocols that address channel integrity and
chargebacks, contracting and revenue management.

Chronicled is also opening a development office in
Vancouver, BC as part of its growth plans. The company currently has a
headcount of 50 employees and is planning to add 20 more over the next year, at
both its San Francisco and Vancouver locations. The company’s privacy-first
network and library of privacy-protected protocols helps enterprises in major
industries to secure and automate their supply chains, streamline business
processes, and reduce operational costs.

In 2017, Chronicled completed a pilot wherein it successfully showed that Serialised Global Trade Item Numbers (SGTINs) can be transferred anonymously using a cryptographic method. SGTINs are usually used to recognise items as they move through global supply chains made up of different custodians and legal jurisdictions. It used an applied cryptographic verification model known as Zero Knowledge Succinct Non-Interactive Argument of Knowledge (zk-SNARK) that was developed at UC Berkeley and MIT.

Interested in hearing leading global brands discuss subjects like this in person? Find out more at the Blockchain Expo World Series, Global, Europe and North America.

Interested in hearing leading global brands discuss subjects like this in person? Find out more at the Blockchain Expo World Series, Global, Europe and North America.

The post Chronicled raises $16 million in series A funding round to expand networks and team appeared first on The Block.

Read the original post: Chronicled raises million in series A funding round to expand networks and team