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Supply Chain Financing Startup OweMe obtained seed funding from Pi Ventures, TechCircle reported Tuesday (December 11).
Investors have provided $ 1 million to OweMe, which has developed a platform that uses blockchain to link bank lenders and corporate buyers for access to commercial finance. The UK-based company is owned by Sabstone and will use the investment to focus further on the development of its product and staff growth.
The reports noted that the funding marks the first cross-border investment by Pi Ventures, based in India.
Registered with the UK Financial Conduct Authority (FCA), OweMe aims to accelerate and simplify the supply chain financing process by including banks in the platform that want to provide financing to corporate buyers.
"Finance has been seen as a single entity problem for centuries, and businesses have long since integrated their supply chains, but there is still a long way to go for financial integration," he said. the co-founder of OweMe Nishant Singh in a statement. "Today, technology, regulation and market availability can drive a significant transformation in the way companies think of finance in their supply chains, and we are very excited about the investment and the opportunities we can unveil."
The focus of pi Ventures is on the artificial intelligence (AI) and Internet of Things (IoT) startups in India. The company noted that it will continue with this focus, according to partner Abishek Surendran, who told TechCircle journalists that the funding is "a one-time investment" that does not signal a shift in strategy to the business.
Commercial finance products, such as billing and supply chain finance, have become a focal point for blockchain innovators in recent years, with innovators looking at blockchain technology to deliver real-time visibility and data while products and money passes through supply chains. While there are a large number of startups exploring opportunities in this market, even major corporations and financial institutions have entered the space.
In October, for example, HSBC and Standard Chartered launched their blockchain-based trade finance solution, eTrade Connect.
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