Blockchain Startup Fluree Raises $4.7M USD In Seed Fundingbr>
Blockchain startup Fluree has raised $4.7 million in its first seed funding round. 4490 Ventures led the round and Revolution’s Rise of the Rest Seed Fund participated.
Based in North Carolina, Fluree offers a decentralized platform for enterprises to create better, more efficient software applications and a blockchain database that securely powers them to scale. The firm’s technology has two components: FlureeDL, an immutable distributed ledger which secures every update with blockchain cryptography in a chronology of events, and FlureeDB, a graph database optimized to build applications on top of FlureeDL.
The company said that the capital will be used to accelerate adoption of the existing product through market awareness, and increase research and development (R&D) ahead of its 2019 open source release.
Fluree CEO and co-founder Brian Platz said that Fluree combines blockchain and graph database technologies to provide a novel way of storing and querying data.
“The real benefits it provides is immense integrity around the data, so you can prove it has never been tampered with, who put it in there, etc., something you can’t do with current databases or other data management technologies,” said Platz. “It has the ability to make the data immensely collaborative by allowing multiple parties to actually interact with it and improve security, and it really allows you, especially with how we’ve organized our database, to get better leverage out of the data.”
Dan Malven, managing director at 4490 Ventures, said that they invested in Fluree because they believe the firm is set to revolutionize the way we manage and share data.
“The world is evolving from static apps to platforms to ecosystems, and technology tools have not kept pace,” Malven said. “Innovators have to force fit data management tools originally designed to build static apps, slowing down the evolution to data-driven ecosystems. Fluree has in place the mission, technology and road map necessary to serve a wide variety of industries as they transform through the next evolution of data management to a much more interconnected world.”