Series A Funding Will Be Used to Support Pharmaceutical Industry Network and Operational Growth, as Well as Expand Chronicled’s Engineering Team in Canadian Tech Hub Vancouver
Chronicled, Inc. a leading provider of enterprise blockchain-powered supply chain ecosystems with built-in trust, automation, and privacy announced that it has raised $16 million in Series A funding. The round was led by Mandra Capital, 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, distributors, and solution providers, and it plans to launch the network commercially in 2019. This stimulus of funding will enable expansion of the MediLedger Network with service provider integrations and additional protocols that address channel integrity and chargebacks, contracting, and revenue management.
“What excites us about Chronicled is that they are building blockchain application networks for the long-term,” said SongYi Zhang, Principal of Mandra Capital. “While many companies in the space are conducting ICOs — fueling speculation and hurting the legitimacy of the space — Chronicled has stayed disciplined and pursued traditional funding while focusing on developing needed applications with quantifiable ROI value.”
As part of its growth plans, the company is opening a development office in Vancouver, BC. Chronicled currently employs 50 personnel and plans to add approximately 20 employees over the next year, targeting both its San Franciscoand Vancouver locations.
Chronicled was one of the earliest businesses to develop a commercial enterprise platform based on blockchain technology. Its privacy-first network and library of privacy-protected protocols helps enterprises in pharmaceuticals, precious metals and minerals, chemicals, agriculture, automotive, electronics, and other industries to secure and automate their supply chains, streamline business processes, and reduce operational costs. Chronicled was the first supply chain company to employ zk-SNARKS — a form of zero-knowledge cryptography that ensures full privacy for all involved parties and solves blockchain scalability issues — on a commercial scale.
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