Announcing a Return to our Roots: The All-New Bitcoin Magazine

Gem Raises $7.1 Million in Series A to Meet Demands for Enterprise Blockchain Technology

by

         Gem Raises $7.1 Million in Series A to Meet Demands for Enterprise Blockchain Technology

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. 

Recommended

Ten Years Later, a Reflection on Bitcoin’s Genesis and Satoshi’s Timing

Rather than focusing simply on what the genesis block is, today is a day to reflect on what the genesis block represents.

Colin Harper

Op Ed: From Gray To Black and White: Traditional Regulations Come to Crypto

For the crypto industry, recent developments — at both the federal and international levels — signal that the time for plausible deniability or unregulated freedom is coming to an end and more traditional regulations are moving to the forefront.

Courtney Rogers Perrin and Joshua Lewis

Bitcoin Price Analysis: Blowing Through Support Levels on the Way to $3,000

Bitcoin continues to tumble lower and lower as it struggles to claim any footing in the market. It’s down almost 50% in three weeks and it’s showing very little sign of stopping. It’s currently clutching onto the $3,500 values but it doesn’t look like it can hold on much longer.

Bitcoin Schmitcoin

Op Ed: SEC’s Latest Declaration Creates Legal Minefield for Digital Assets

This broad, authoritative declaration is not unexpected, as, to date, the SEC has stated that all digital assets — regardless of whether they function as alt coins or utility tokens — are securities at least initially and, thus, subject to its jurisdiction.

Huhnsik Chung and Nicholas Secara