Blockchain solutions provider Bluzelle has announced the successful closure of a $1.5 million Series A round. The new funding will help the startup develop a decentralized scalable database service for enterprises.
Founded in 2014, the startup has notably provided solutions for a number of global institutions after partnering the likes of KPMG and Microsoft. Bluzelle’s solution draws parallels to the likes decentralized blockchain storage provider Storj.
For Bluzelle CEO and co-founder Pavel Bains, blockchain technology is a part of the ecosystem heralding the next generation of the internet. To facilitate the ‘new internet’ to run efficiently and scale exponentially, Bluzelle is developing a decentralized database service. “What Oracle provides for the current internet, we provide for the New Internet,” stated Bains, who added:
By 2020, there will be over 20 billion devices sending data to reach other – and that data will have to be stored securely, with high performance and low cost. In the blockchain powered New Internet, everything from applications to back-end platforms to data storage will be decentralized.
The new funding round was led by a venture capital firms Global Brain, LUN Partners Capital and True Global Ventures. The funding will be used by the startup to scale its enterprise business, develop its core service in the decentralized database platform and supporting its initial developer community. “Based on our global investment activity, Bluzelle is one of the onoly companies to provide solid enterprise blockchain services,” stated Global Brain CEO Yasuhiko Yuirmoto.
The Singaporean startup is also working toward its initial coin offering (ICO) of its ‘Bluzelle tokens’ in late October. Bluzelle tokens will also be earned by the community of operators, or ‘farmers’ who provide the hardware resources required for data storage. “It’s upcoming token sale and development plans will ensure the company’s position as a perennial player in the global blockchain arena,” added Kotsuki Kaede, partner at investor LUN Partners Capital, who underlined the startup as a leading provider of enterprise-grade blockchain solutions for financial solutions in Southeast Asia.