Factom, the Texas-based blockchain as-a-service (BaaS) technology company that secures data via decentralization, has closed their Series A funding at $8,029,796 USD following the launch of its mortgage product, Factom Harmony.
“The Factom Harmony launch was such a resounding success that we extended the Series A round for additional investors,” said Peter Kirby, Co-founder & CEO of Factom. “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.”
Earlier during the Series A round, Factom closed $5,326,522 USD in funding from Draper Associates, Stewart Title, Overstock, Fenbushi Capital, and Plug & Play. Now, Peeli Ventures, Harvest Equity, and a number of local Austin,Texas investors added another $2,703,274 USD, closing out the funding round.
“Factom’s Harmony product creates a transformative approach for the compliance in the U.S. mortgage industry,” said Harry Qin, Managing Partner of Peeli Ventures. “It has great potential to impact the mortgage industry with increased transparency and immutable audit records.”
In an interview with Finance Magnates about his venture last year Kirby explained how blockchain-based transparent mortgages can restore the public trust in the market.