Electronics Giant Foxconn Leads $7 Million Series A in Blockchain Startup
Digital identity startup Cambridge Blockchain has closed as $7 million Series A round of financing led by Taiwanese manufacturing giant Foxconn’s investment arm.
Announced Tuesday, the $7 million financing round also included previous investors Partech and Digital Currency Group, who injected new capital and converted the startup’s outstanding debt in exchange for equity. Partech general partner Romain Lavault specifically highlighted the startup’s enterprise data management software finding its first customers in the European market that will be fall under the norms of the upcoming General Data Protection Regulation (GDPR).
“Our platform allows financial institutions to meet the strictest new data privacy rules, eliminate redundant identity compliance checks and improve the customer experience,” the startup claims on its website.