Gem, a blockchain platform provider, has announced that it has closed a Series A funding round in which it has secured $7.1 million USD in venture capital funding. This funding round, led by Pelion Venture Partners, places Gem in an early lead for 2016 blockchain investment.
Gem Secures Significant Blockchain Funding
Several firms participated in this funding round, including KEC Ventures, Blockchain Capital, Digital Currency Group and RRE Ventures. Ben Dahl, a partner at Pelion Venture Partners who led the funding round and has also joined Gem’s Board of Directors told press, “We have been monitoring the blockchain industry looking for a company that could bridge the divide between enabling developers and their projects, while also advancing blockchain use cases in larger enterprises. After spending time with Gem team and their customers, we became convinced they have the foresight, traction and leadership necessary to connect the enterprise with the efficiencies and benefits of blockchains.”
Pelion Venture Partners, leading the Series A funding round, as well as the other participants, will now join a long list of Gem investors including firms such as First Round Capital, Amplify.LA, Birchmere Labs, Tekton Ventures and BTCS Inc. Gem Founder and CEO Micah Winkelspecht told press that his company was happy to bring Ben Dahl and Pelion on board, saying, “It was obvious to us immediately the Pelion team shared our vision for the future of blockchains and what would be required to get there,” said Gem Founder and CEO, Micah Winkelspecht. “We’re excited to have Ben and Pelion join the team and help us do something special.”
According to Gem, this latest funding round raises the company’s total funding to $10.4 million, giving them a solid pool of resources to achieve their goal of providing a “fully customizable platform that refines blockchain technology into a data management application that can be applied cross-industry.”
Gem is a blockchain platform company based in Venice, California. Gem partners with companies to harness blockchain technology with a scalable, modular and custom-built platform. Gem refines blockchain technology to power smart networks that connect industries.
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Source: Press Release