Blockchain identity startup Cambridge Blockchain has raised $7 million in a Series A funding round led by HCM Capital, the venture arm of Foxconn Technology Group.

The funding round also saw the participation from Partech and Digital Currency Group.

“Foxconn’s HCM brings a compelling strategic view of blockchain and digital identity,” said Matthew Commons, Cambridge Blockchain’s CEO. “We’re delighted to have their involvement, as well as the renewed backing of Partech and DCG.”

In September 2018, Cambridge Blockchain announced a new Paris-based subsidiary, Cambridge Blockchain SAS. The new company was set up with the objective of accelerating European deployments of the company’s digital identity compliance software for financial institutions.

According to the official release, Foxconn is currently exploring deployments of Cambridge Blockchain software to improve IoT device management and global supply chain operations.

“…digital identity is a critical building block to achieve value through decentralized information transfers. Cambridge Blockchain has the best team and experience handling strict requirements from financial institutions for privacy and personal data compliance, which can be extended to grow new applications in the decentralized digital economy of the future,” said Jack Lee, Founding Managing Partner of HCM Capital.

Earlier this year, IHS Markit entered into a strategic alliance with Cambridge Blockchain to improve the know-your-customer (KYC) process.