Blockchain Supply Chain Startup Chronicled Raises $16M USD In Series A Funding

Blockchain, Investing, News | January 16, 2019 By:

Blockchain startup Chronicled has raised $16 million in Series A funding led by Mandra Capital. The round also saw participation from Streamlined Ventures, The Perkins Fund, Frank Fiore and David Aho.

Based in San Francisco, Chronicled is a technology company leveraging blockchain and Internet of Things (IoT) to power smart, secure supply chain solutions. It has developed tools and protocols to enable decentralized blockchain networks that support multi-party supply chain ecosystems. The company claims that its MediLedger Network, which will be commercially launched this year, extends trust boundaries and enforces cross-organization business rules without revealing private data.

Chronicled said the funding will enable expansion of the MediLedger Network with service provider integrations and additional protocols that address channel integrity and chargebacks, contracting, and revenue management. Currently, the MediLedger Network is being tested by a group of major companies, including manufacturers, distributors, and solution providers.

“What excites us about Chronicled is that they are building blockchain application networks for the long-term,” said SongYi Zhang, Principal of Mandra Capital. “While many companies in the space are conducting ICOs — fueling speculation and hurting the legitimacy of the space — Chronicled has stayed disciplined and pursued traditional funding while focusing on developing needed applications with quantifiable ROI value.”

In addition, the funding will also be used to support the pharmaceutical industry network and operational growth.

“We are aware that the pharmaceutical industry has certain problems with regulations that are ripe for this technology platform,” said Ryan Orr, co-founder and chairman of Chronicled. “With the Series A funding, we are focusing on the pharmaceutical go-to-market. After a year or two, there could the possibility of applying this technology to other industries, but for the next 12-18 months we are focusing the company specifically on the pharmaceutical industry.”