Blockchain Startup Applied Blockchain Secures Funding From Oil Giant Shell Tradingbr>
London-based blockchain startup Applied Blockchain has secured its first funding round with investments from oil giant Shell Trading International and Calibrate Partners, both taking minority stakes in the company. The value of the investment has not been disclosed.
The investments came after the oil giant selected Applied Blockchain as the winner of a development competition for Shell’s downstream businesses. The funds will be used to accelerate growth and develop technologies for private, consortium and inter-chain business blockchain networks.
Applied Blockchain is a blockchain solutions development and consulting company, focused on distributed ledger technology (DLT) and smart contracts. Applied Blockchain has been in operation for two years. To date, the company has delivered solutions for clients across banking, trade finance, payments, aviation, invoice financing, energy and health, among others. The company is working with Sita, a telecom company for the world’s biggest airlines, to create a distributed drone registry and FinTech startup Babb to build a bank on the blockchain.
“The investments and partnerships will accelerate our growth and enable us to deploy our solutions to a truly global business ecosystem,” said Adi Ben-Ari, Founder & CEO at Applied Blockchain.
“Blockchain applications have huge potential to shake up how we do things in the energy industry from streamlining process, to simplifying how we work with our suppliers and serve our customers,” said Johan Krebbers, Chief Technology Officer for IT at Shell Global Solutions International. “Investing in Applied Blockchain is part of our commitment to use digitalization to create value in our core business and develop new business models.”
“We believe in the long-term promise and process innovation that blockchain brings and believe Applied Blockchain is strategically positioned to lead in this space,” Remy Kesrouani, Fund Manager and Partner at Calibrate. “We are particularly excited to partner with Shell and Applied Blockchain to innovate in commodity trading.”