London-based blockchain startup Applied Blockchain has secured its first funding round with investments from Shell Trading International, the trading arm of oil titan Royal Dutch Shell, and Calibrate Partners for minority stakes in the company.
Prior to making this investment, Shell selected Applied Blockchain as the winner of a development competition for Shell’s downstream businesses.
"Blockchain applications have huge potential to shake up how we do things in the energy industry from streamlining process, to simplifying how we work with our suppliers and serve our customers. Investing in Applied Blockchain is part of our commitment to use digitalisation to create value in our core business and develop new business models,” Johan Krebbers, Chief Technology Officer for IT at Shell Global Solutions International, said.
Applied Blockchain will use the funding to accelerate growth, and develop and launch technology for private, consortium and interchain business blockchain networks.
Adi Ben-Ari, Founder & CEO at Applied Blockchain, said: “Our experience as one of the earliest companies delivering blockchain solutions into production for both start-ups and corporates has provided us with a unique perspective on the value, and challenges, associated with the technology in the real world. The investments and partnerships will accelerate our growth and enable us to deploy our solutions to a truly global business ecosystem."
Founded in 2015, Applied Blockchain develops blockchain applications with a focus on distributed ledger technology (DLT) and smart contracts. Its clients include global players in banking, telecoms, automotive, manufacturing, aviation, as well as a range of blockchain start-ups and partners. This agreement marks the first entry into the energy industry for Applied Blockchain.
