Blockchain Startup TEMCO Receives Invesment From South Korea’s Largest Venture Firmbr>
South Korean blockchain startup Transportation Enterprise Merchandise Customer Organization (TEMCO) has secured an undisclosed institutional investment from Korea Investment Partners (KIP), South Korea’s largest venture capital firm.
TEMCO aims to disrupt the supply chain management system by utilizing blockchain technology. Its mission is to provide greater transparency and reliability across the entire supply chain process to deliver trustworthy information that empowers businesses and consumers. Using the Rootstock (RSK) blockchain, TEMCO aims to help companies operate more efficiently and overcome the flaws in existing supply chain management systems, which have resulted in recent widespread uncertainties and rising fears in product quality.
KIP has over 30 years of experience in providing venture capital to bold and innovative entrepreneurs who want to change the world. It manages over 20 private equity funds and successfully invested in over 500 companies, including Naver, Kakao, Korbit, DoubleU Games, Bithumb and now TEMCO.
KIP is the latest to join the list of institutional investors that support the TEMCO project. The list includes RSK, TLDR Capital, Deblock, and Blockchaini. As part of the investment, KIP will serve as one of the key business partners and utilize their management expertise to accelerate TEMCO’s growth.
TEMCO claims to be the first initial coin offering (ICO) to be funded by a major venture capital. Users can participate in the $19 million token sale white list in October and pre-sale in November.
“The premier venture capital investment validates the appeal of TEMCO’s transcendent business model, that reaches beyond niche blockchain applications,” the company said. “TEMCO and Korea Investment Partners (KIP) are primed to open a new crypto-venture capital horizon.”
Jong Hyun Kim, FinTech Investment Board Member of KIP, said that they are more than prepared to disrupt contemporary supply chain process.
“Not only does TEMCO exceed existing business solutions, but also is a prime example of the potential of blockchain technology,” Kim said. “Korea Investment Partners is proud to be a leading investment partner for TEMCO.”