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The developer of the US business supply chain, Chronicled, raised $ 16 million in a series A round of financing, the company confirmed in a press release on January 15th.
Chronicled – which will use blockchain technology to power a platform that helps customers protect and automate supply chains – saw its tour led by Hong Kong venture capital firm Mandra Capital.
Streamlined Ventures, The Perkins Fund, Frank Fiore and David Aho also participated in the financing round. The company reports that it plans to launch its platform this year.
"While many companies in space are leading ICOs – fueling speculation and injuring the legitimacy of space – Chronicled has remained disciplined and has pursued traditional funding by focusing on developing necessary applications with a quantifiable value (return on investment)," Principal Song Yi Zhang of Mandra commented in the press release.
Chronicled's platform, dubbed MediLedger, will support client companies in various industries, including pharmaceuticals, precious metals, agriculture and electronics.
A 2015 seed funding round raised $ 1.4 million.
The move comes as supply chains are an important goal for entities wishing to introduce blockchain through global structures.
As Cointelegraph previously reported, from the cobalt mining in the Congo to food served in the World Economic Forum (WEF) next week in Davos, many actors aim to demonstrate that technology can form the backbone of transparent and accessible supply chains. .
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