Today we are very excited to announce that Gem has raised $7.1 million in Series A financing, led by Pelion Venture Partners. The round initiates a new chapter for our business as we expand to meet the growing mainstream demand for blockchain expertise.
We are proud to introduce Pelion to the Gem family as well as KEC Ventures, Blockchain Capital, Digital Currency Group, Birchmere Labs, RRE Ventures, Tamarisk Global, Drummond Road Capital, Tekton Ventures, Amplify.LA, Danmar Capital and angel investor James Joaquin.
In addition to new financing, we are pleased to add Ben Dahl, partner at Pelion Venture Partners, and Scott Kriz, CEO at Bitium to our Board of Directors. Our Board of Observers also includes Howard Morgan, co-founder of First Round Capital, Jeff Parkinson, partner at KEC Ventures, and Jai Choi, founder of Tekton Ventures.
As Gem grows with new investment and an expanded Board of Directors, we are eager to share our vision for distributed ledger technology.
After successful traction with our multi-signature bitcoin API for developers, we are expanding our API to develop a modular platform for blockchain applications that can be applied to a variety of use cases across multiple industries.
The excitement around blockchain technology is high. We believe this technology will transform how we collaborate and share value. Blockchain networks will underpin entire industries, producing a “blockchain economy” that forms the underlying architecture of our daily lives: from capital markets to patient care, supply chains to logistics, property rights to digital rights management.
There is great potential for new distributed ledgers to solve age-old problems and present new dynamics for doing business. Covering the distance between today’s ideas and tomorrow’s solutions is a journey. The technology will evolve, and strategies will change. We believe in providing a technology that can adapt to the real needs and expectations of our clients while still pursuing solutions that inspire.
The emergence of the blockchain economy will be a collaboration between those who know blockchains and those who know their industries. Gem is partnering with people and companies to simplify this process and safeguard investments, while unlocking the true value of the technology. With this expertise Gem is ideally positioned, and with this new round of funding, we have the capital to emerge as a leader in the blockchain industry. This is what we have set out to build.