Factom raises $400,000 in new seed funding

Factom Inc has raised $400,000 in new seed funding.

The investment was provided by Kuala Innovations, which purchased a 3.64% stake in the company for 400,000 Seed Series Shares at $1 per share. The investment gives Factom Inc a valuation of $11m.

“With growing sales, a wide developer network integrating additional applications, and a pipeline of large client wins expected over the next 12 months, the board believes this seed round investment by Kuala comes ahead of a significant value shift for Factom when it completes its anticipated Series A funding in the first half of 2016,” said Kuala co-chairman Jim Mellon.

Factom is a blockchain technology providing an unalterable record-keeping system. Netki is a wallet addresses solution provider.