The U.S.-based supply chain company Chronicled announced that they were able to raise $16 million in a Series A funding round.
The information as released a few days ago in an official press release. The round was led by Mandra Capital. Other participants were Streamlined Ventures, The Perkins Fund and Frank Fiore. According to Chronicled, this Series A funding will be used to support the pharmaceutical industry and its operational growth. At the same time, Chronicled’s engineering team will be expanding in Vancouver where there is a large number of crypto and tech companies.
— Chronicled 🦖🚀 (@ChronicledInc) January 15, 2019
Now, Chronicled is piloting the MediLedger Network alongside four other companies such as manufacturers, distributors and solution providers.
The intention is to launch the commercial version of the network as soon as this year. With the funds raised in the Series A funding, they will expand through new integrations and additional protocols that address channel integrity and chargebacks.
SongYi Zhang, the Principal of Mandra Capital, said about Chronicled:
“What excites us about Chronicled is that they are building blockchain application networks for the long-term. While many companies in the space are conducting ICOs – fueling speculation and hurting the legitimacy of the space – Chronicled has stayed disciplined and pursued traditional funding while focusing on developing needed applications with quantifiable ROI value.”
The expansion plan in Vancouver includes opening a new development office that will be increasing the number of employees working on the company. At the moment, Chronicled has 50 individuals working and it might add 20 new employees over the next year. The intention is to target San Francisco and Vancouver.
According to the press release, Chronicled was one of the first companies that developed a commercial enterprise platform that is based on blockchain technology. There are several industries leveraging the privacy features that the network offers. There are several industries working with the current platform, including the pharmaceutical, electronics, chemicals and others.
In order to improve client’s privacy, Chronicled employs zk-SNARKS on a commercial scale. This technology is being used by other companies and cryptocurrencies such as ZCash (ZEC), or eventually Tron (TRX) in the future.