Foxconn Invests $7M In Cambridge Blockchain’s Enterprise Startup
HCM Capital, sponsored by Foxconn Technology, supposedly joined together with Partech and Digital Currency Group and led a 7-million-dollar investment in Cambridge Blockchain. The reason for such a doing is to help the company develop its Enterprise Data Management software. The announcement comes in on Tuesday and suggests that the deal also includes a new capital and the conversion of outstanding debt.
According to Jack Lee, the Founding Managing Partner of HCM Capital, this isn’t the first time “HCM invested in blockchain start-ups”, as the company has been doing so since 2016. He went on to say that they see an increased potential in distributed ledger technology (DLT) and how it can enhance several facets of an industry. In particular, he said “… DLT with enterprise use cases including Industrial Internet, IoT-enabled manufacturing, supply chain provenance, trade finance and payments.”
The investors have also expressed confidence in Cambridge Blockchain by praising the team:
“Experience handling strict requirements from financial institutions for privacy and personal data compliance, which can be extended to grow new apps in the decentralized digital economy of the future.”
In addition to the company’s far-reaching proficiency within the financial sector, General Partner at Partech, Roman Lavault, believes that Cambridge Blockchain is ready to take on the challenge to expand its enterprise software – possibly being able to deliver its services on a global scale. Clearly, the statement made also suggests assurance in the Cambridge technology. This comment was made prior to expressing that the European General Data Protection Regulation (GDPR) will be taking full effect sometime this month.