Venture Capital News: Gem Secures $7.1M in Series A Funding
VENICE, CA, Leading blockchain platform provider, announces today that it has closed $7.1 million in Series A funding.
Gem, a leading blockchain platform provider, announces today that it has closed $7.1 million in Series A funding, led by Pelion Venture Partners and participated in by KEC Ventures, Blockchain Capital, Digital Currency Group, RRE Ventures and more.
'We believe blockchain technology will transform how people and companies interact,' says Micah Winkelspecht, CEO and founder of Gem. 'It will underpin entire industries and one day produce a blockchain economy that will form the underlying architecture of our daily lives.'
According to a recent report by technology-focused boutique investment bank Magister Advisors, the blockchain and bitcoin ecosystem received nearly $1 billion in funding since 2013, and that number is expected to increase by another $1 billion in 2017. Gem is the first blockchain company in 2016 to announce a formal round of funding. Gem's investors are attracted to its fully customizable platform that refines blockchain technology into a data management application that can be applied cross-industry.
Ben Dahl, a partner at Pelion Venture Partners who led the funding round and has also joined Gem's Board of Directors said: '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.'
'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.'
Gem was founded by blockchain thought leader, open-source contributor, and community organizer Micah Winkelspecht and launched at TechCrunch Disrupt SF's Startup Battlefield in 2014. After launching a multisignature API for developers, the company is now working to promote the integration of blockchain technology in finance, healthcare, and other data-reliant industries.
Jeff Parkinson, partner of KEC Ventures said: 'I'm really excited about blockchain ledger systems, and Gem is a great example of a company that's fully leveraging the potential of that technology to transform the services industry.'
Scott Kriz, CEO of Bitium has also been appointed to Gem's Board of Directors. Gem has raised $10.4 million in total funding and is based in Venice, CA.
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.
Current investors include: Pelion Venture Partners, KEC Ventures, Blockchain Capital, Digital Currency Group, RRE Ventures, First Round Capital, Amplify.LA, Birchmere Labs, Tekton Ventures, Drummond Road Capital, Danmar Capital, MESA+, Metamorphic Ventures, Wavemaker Partners, Baroda Ventures, Idealab, BTCS Inc. (BTCS) and angel investors James Joaquin and Robert Wolfson.
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