Enterprise blockchain firm Finboot secures $3.35M in funding

Enterprise distributed ledger blockchain solution provider Finboot Tech S.L. today announced it has secured $3.35 million in funding from investors led by the Development Bank of Wales.

The company provides a suite of blockchain applications and middleware designed for the enterprise, known as MARCO, that provide companies the ability to secure documents and gain visibility into supply chains.

Finboot recently announced engagements with Spanish petrochemical company Repsol S.A., global chemistry supplier Stahl, international fashion brand Desigual, Spanish agritech business Fidesterra and the London Chamber of Arbitration and Mediation.

“We are ambitious and these funds will support us on our journey to becoming a world-leading provider of enterprise blockchain software globally,” said Nish Kotecha, co-founder and chairman of Finboot. “The need for blockchain technology solutions such as MARCO has never been greater. The COVID-19 pandemic has shone a light on the fragility of supply chains around the world, leading to a sharp acceleration of digitalization.”

Using blockchain technology middleware, Finboot provides two different services for clients with MARCO Track and Trace and Blockstamp.

Track and Trace uses the blockchain as a tamperproof ledger as a tamper-proof historical record of transactions to track digital assets as they pass through supply chains in order to provide traceability. It can therefore be used for real-time tracking of products and materials throughout any business process without the need for any coding knowledge and easy reporting.

Blockstamp is designed specifically for documents provides business functions such as registration, notarization and reconciliation, as well as verification through digital signatures.

Blockchain technology uses cryptographic hashes and multiple copies of the same ledger to make it possible to verify that a document has remained unchained since it has been created and registered. Blockstamp allows documents to be certified and registered to the blockchain for most day-to-day data.

Blockstamp also enables the sharing of document data and associated stamps to internal and external shareholders with permission controls, using the same cryptographic keys that keep the blockchain secure. Any party can also request validation keys to ensure that the data is correct and trustworthy.

That permits an ecosystem of trust between parties and also prevents proprietary information from being revealed to parties that should not see that information.

Finboot’s funding continues a long trend of blockchain technology being used as part of tracking and tracing for supply chains, which includes IBM Corp.’s Food Trust network, which is today being used to secure numerous food supply chains between farms, distributors and retailers for foods such as lettuce, olive oil and more.

Document verification has also long been a mainstay of the technology being provided as solution companies such as Factom Inc., BitFury Group and BestSign, and JustChain with NotaryChain.

Included in this funding round were the multi-energy company Repsol, through its private equity investment fund Repsol Corporate Venturing, and New Look founder Tom Singh, who was the company’s original lead investor in 2018.

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