Eximchain, a blockchain startup focused on supply-chain, has raised $20 million in new funding, CoinDesk reported.

The funding was led by Chinese cryptocurrency hedge fund FBG Capital. It also drew support from INBlockchain and Kinetic Capital.

Founded in 2015 at the Massachusetts Institute of Technology's media lab, Eximchain said that it would dedicate the amount raised to further develop its own public blockchain, which would provide different solutions for recording, transacting and distributing data for supply chain stakeholders.

The funding comes just ahead of Eximchain’s token airdrop in which around 1.5 million ERC20-based EXC tokens will be distributed to ID-verified participants. The startup said that EXC can be further converted to native tokens on its own blockchain upon the launch of its main blockchain.

"After experimenting [with proofs of concept] on ethereum or private blockchains, the enterprise world is looking for technical solutions that can be deployed immediately to solve real supply chain problems", said Hope Liu, co-founder and CEO of Eximchain, in a statement.