According to reports by Austinlnno, Austin-based blockchain company Factom has raised $8m as part of an extended Series A round.
The closing of the funding round follows after Factom $5.3 million of the round, including investment from noted venture capitalist and blockchain enthusiast Tim Draper, Stewart Title, Overstock and others.
The recent round saw investments from Harvest Equity and Peeli Ventures, along with several as-yet-unnamed local investors. With the recent funding, Factom is launching a new product called Factom Harmony, which is focused on the mortgage industry.
The Factom Harmony launch was such a resounding success that we extended the Series A round for additional investors,” Peter Kirby, co-founder, and CEO of Factom said in a news release. “We’re very appreciative of our early investors who doubled-down on their participation and the new investors who are helping us strategically extend our reach. Many highly intelligent people worked very hard to help us get to this point and we couldn’t have done it without them.”
The Factom Harmony is built on the Factom Apollo data management solution and allows users to store and create permanent mortgage records. It utilizes blockchain technology in order to make sure that mortgage companies, as well as their clients, have complied with regulations, documents that are secure and easily accessible in the event of an audit.
Last October, the blockchain firm secured $4.2 million in the same Series A round led by Tim Draper of Draper Associates that was used to further develop its core technology and suite of products.
