Chainvine, the UK-headquartered blockchain developer used by K&L Gates for its internal blockchain initiatives, has raised £2.5m/$3.3m in its Series A fundraising.
The fundraising was led by Chester-based fund Deepbridge Capital.
Chainvine, which was founded in 2016 by Oliver Oram, Niclas Wigstrom and Dr Rajiv Mathur, creates bespoke platforms, using Distributed Ledger Technology (DLT), which decentralise a company’s ledger systems; creating a secure, intuitive and permanent recording of ledger data.
By integrating with Internet of Things partners, the chainvine platform can be used to create ‘Intelligent Contracts’ and ‘Intelligent Commodities’ which immutably record automatically actionable data on commodities and transactions enabling businesses to create efficiencies in their operations.
Intelligent contracts are used by K&L Gates, where Judith Rinearson, a partner in K&L Gates’ New York and London offices and one of the co-chairs of the firm’s Fintech practice leading the project, said at the time the firm’s initiative was announced in October 2017: “The first stage of our blockchain initiative will be a ‘sandbox’ that will allow our lawyers from around the world to get direct experience working with blockchain applications. We are next planning to develop use cases that our clients want and need, working both with Chainvine and clients to explore and build on the distributed ledger platform.”
The final step in K&L Gates’ blockchain initiative will be to create an internal private permissioned blockchain, a commitment that very few, if any, other major law firms have made.
As part of Chainvine’s Series A funding round, Kieran O’Gorman, technical partner at Deepbridge Capital has been appointed to the Chainvine board to provide high level strategic advice. Chainvine will use the funds to expand its client base and commercialise its Intelligent products.
Oliver Oram, Founder and CEO of Chainvine said: “We’re very excited to be working with Deepbridge. Their significant expertise will prove invaluable as we commercialise and scale our business. We truly believe that Distributed Ledger Technologies have the potential to change the way businesses operate. The technology allows for unparalleled levels of transparency and efficiency that will allow companies to operate truly sustainably.”