Samsung-Backed South Korean Blockchain Blockco Raises $7.5 Million
Blockco, a South Korean blockchain company that was backed by the tech giant Samsung has managed to raise $7.5 million recently during its latest Series B+ funding round.
According to the company, the round was led by the Shinhan Bank, one of the largest forex banking institutions in the country. Other prominent investors included the KEB Hana Bank and the Korea Exchange Bank. An entertainment company called Dadam Game and a healthcare venture capital firm called LB Investment also participated in the round.
Most of these companies are investing in projects of their own. The KEB Hana Bank, for instance, is a part of a blockchain consortium, while the Shinhan Bank is creating its own stocks platform based on the blockchain tech.
The CEO of Blockco, Kim Won-beom, has affirmed that the company will showcase several blockchain solutions soon, especially in the smart grid field. According to him, this area has found hard times while trying to implement an effective business model and it is still lacking.
Blockco has a quite successful story. The company was founded back in 2014 and it received around $1.2 million from Samsung back in 2016. After that, the company has managed to launch two products, a blockchain-as-a-service platform called Coinstack and Aergo, which was a blockchain for private enterprises. The first project was launched in 2015 and the second one in 2018.
This company has been a part of the development of NexLedger, which was created together with Amazon Web Services and Samsung. NexLedger was released in 2017.