Gem, a Venice, California-based blockchain platform provider, announced today that it had completed its Series A funding, raising $7.1 million led by Pelion Venture Partners. KEC Ventures, Blockchain Capital, Digital Currency Group, RRE Ventures, and other investors rounded out the fundraising round.
“We are using the funds to grow the company to meet the growing mainstream demands for blockchain technology and expertise,” said Micah Winkelspecht, CEO and Founder of Gem, in an interview with Bitcoin Magazine.
Gem enables companies that might not otherwise have an advanced understanding of blockchain technology to easily deploy it with a modular platform that scales. The company was launched in 2014, and its first product was a multisignature API for developers. Now, the company is focusing its energy on promoting the technology in healthcare, finance and other industries.
“We have been monitoring the blockchain industry looking for a company that could bridge the divide between enabling developers and their projects, while also advancing blockchain use cases in larger enterprises After spending time with Gem team and their customers, we became convinced they have the foresight, traction and leadership necessary to connect the enterprise with the efficiencies and benefits of blockchains,” said Ben Dahl, a partner at Pelion Venture Partners, in a released statement.
Along with the fundraising, Dahl and Scott Kriz, CEO of Bitium, have been appointed to Gem’s board of directors.
2015 was the strongest year from a fundraising perspective for bitcoin and blockchain companies. This announcement makes Gem the first company to raise money in 2016.
“I’m really excited about blockchain ledger systems, and Gem is a great example of a company that’s fully leveraging the potential of that technology to transform the services industry,” said Jeff Parksinson, partner of KEC Ventures, in a statement.
All told, Gem has raised $10.4 million in seed and Series A funding.
Jacob Cohen Donnelly is a consultant and journalist in the Bitcoin space. He runs a weekly newsletter about bitcoin called Crypto Brief.