5 October 2016
COINSILIUM GROUP LIMITED
(“Coinsilium” or the “Group")
COINSILIUM INVESTEE FACTOM, INC RAISES SERIES A FUNDING, LED BY TIM DRAPER.
Coinsilium Group Limited (ISDX:COIN), the ISDX quoted blockchain technology investment and development company, is pleased to announce that Factom Inc. (‘Factom’), a company in which Coinsilium has a 1.8% equity interest, has raised $4.2m in a Series A round of funding led by Tim Draper of Draper Associates.
“We are delighted to have venture capitalists of such caliber help us build Factom,” Peter Kirby, CEO and Co-founder of Factom, Inc. stated following the announcement, "This round of funding allows us to aggressively grow the company and the underlying technology. We started Factom to build a more honest and transparent world using a pretty simple approach: create software that makes it impossible to change the past and point that software at places where it solves valuable business problems. This funding accelerates our progress down that road."
Eddy Travia, CEO of Coinsilium, stated, “When we increased our investment in Factom earlier this year, having previously introduced additional investors, Factom’s CEO Peter Kirby declared that we were the first investor who ‘really got Factom’. With this in mind we are delighted to see that there is an increasing number of likeminded investors and that they have decided to partake in this Series A funding round. We have continued to be impressed by the pace at which Peter and his team have worked this year to build partnerships and solutions. These have each put Factom on the map as one of the leading blockchain and data security companies.”
The Directors of Coinsilium take responsibility for this announcement.
Factom’s announcement in full
Blockchain Startup Factom, Inc.™ Raises Series A Funding
Tim Draper of Draper Associates Leads Investment in Factom, Inc.’s Series A Funding
Austin, Texas – October 5, 2016 – Factom, Inc., the blockchain technology company that secures data via decentralization, announces that it has raised a Series A round of equity funding led by Tim Draper of Draper Associates.
“We are delighted to have venture capitalists of such calibre help us build Factom,” Peter Kirby, CEO and Co-founder of Factom, Inc. "This round of funding allows us to aggressively grow the company and the underlying technology. We started Factom to build a more honest and transparent world using a pretty simple approach: create software that makes it impossible to change the past and point that software at places where it solves valuable business problems. This funding accelerates our progress down that road."
Tim Draper stated, “Securing data is mission critical for governments, banks, car companies, credit card companies, retailers and any company concerned with hacking. Centralized data is prone to critical failure by any individual mistake, whether by user error or malicious hacking. By decentralizing data through the blockchain, Factom avoids critical failures due to user error or hacker. Factom lets people sleep easy knowing that their bank account won’t be broken into, their car won’t errantly go off the road, and their identity won’t be stolen.”
Factom Apollo and Factom Iris premium products are built on Factom’s open source core software and represent an innovative, lightweight, and scalable approach using the blockchain to secure records and identity. This is more secure than any other solution on the market. The Series A round of financing enables Factom to further develop its core technology and suite of products.
"Consensus is extremely challenging,” said Paul Snow, Chief Architect and Co-founder of Factom, Inc. “Blockchains first pushed the boundaries of computer science with the simple yet revolutionary ability to trade digital value openly. Now we are pushing the limits of computer science in a second revolution. The Factom protocol allows for the open coordination of processes against immutable ledgers of data. It will have the same kind of impact on data and systems as the first revolution had on value."
About Factom, Inc.
Factom, Inc., is an Austin based blockchain technology company that’s on a mission to make the world’s systems honest. People and institutions today can solve hard problems and change the world for the better when they have a reliable framework to build upon. Honest systems free up dead capital, which allows companies to grow and helps people to lift themselves out of poverty.
About Draper Associates
Draper Associates, founded in 1985, is a seed-stage venture capital firm that encourages entrepreneurs to drive their businesses to greatness, to transform industries with new technologies, and to build platforms for extraordinary growth, jobs, and wealth creation.
Factom is a trademark of Factom, Inc. All other company and product names may be trademarks of the respective companies with which they are associated.
Notes to Editor
About Coinsilium Group
Coinsilium is a London-based blockchain technology focused investment and development company, supporting early-stage blockchain companies through investment, acceleration, development and education.
Coinsilium is the world's first blockchain technology focused company to be admitted to trading on an Exchange Regulated Market and has a portfolio of interests in blockchain companies and projects. In addition to pursuing its investment strategy Coinsilium is able to offer a suite of services including corporate/business advisory, CPD accredited training & education, investment solutions, in-house development and other professional services to blockchain/fintech companies and major corporates wanting to learn more about blockchain technology and its implications to the way the world transfers value over the internet.
For further information please visit http://www.coinsilium.com/
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