QEDIT, which has built a data privacy platform for blockchain-based transactions, has closed a $10m Series A round.
Lead investor of the round was Israel-based venture capital firm MizMaa Ventures. Other participants of the round include Ant Financial, RGAX, Meron Capital, Collider Ventures, Jovono and Target Global.
As part of the deal, QEDIT will work with the investors in order to establish privacy solutions for their respective industries, which span banking, investing and insurance.
Capital from the round will be used to further the development of its privacy protocol and to expand the size of its sales and partnerships team.
QEDIT provides banks with a system to have confidentially when transferring assets on decentralised networks and establishing supply chain management systems which foster privacy. Financial players can use the technology to calculate an accurate credit scoring, based on private data, without having to access it directly.
The company is looking to expand its product by working with businesses in the cloud computing, FinTech and insurance industries.
RGAX managing director of Asia Pacific Leo Wong said, “We are delighted with our investment in QEDIT and their enterprise-level privacy and data security solution that harnesses the power of blockchain technology.
2This technology has the potential to transform processes for global life and health insurance companies, but only if the privacy of individuals’ personal data is secure. QEDIT provides a robust layer of security for enterprises who hold a large amount of sensitive private data.”
Earlier in the year, data protection and privacy management company Dathena closed its own round of funding. The company did not disclose how much it raised, but it was backed by investors including MS&AD Ventures, CerraCap Ventures and Demetis.
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