Cambridge, MA based blockchain identity startup Cambridge Blockchain has raised $1.79m in debt financing from undisclosed investors. Cambridge Blockchain's proprietary software stack is designed for the real-world requirements shared by many "enterprise blockchain" applications. Their target industries have strong needs for identity verification tools, driven by stringent regulatory and commercial requirements.
Previous SEC filings show that the startup began raising funds in March 2016. The documents show that Cambridge Blockchain had raised $635k out of a planned fundraise of $1.5m as of that month, and in a filing from last October, the startup said it had raised $1.09m out of a planned $1.8m. That fundraising process began weeks after the firm won $15k during a blockchain startup competition hosted by Santander InnoVentures, the venture arm of Banco Santander. At the time, CEO Matthew Commons emphasized his startup’s focus on identity in the context of both regulatory compliance and access to closed networks. "This is one of the most critical areas where blockchain technology needs to improve if it’s going to get out of the lab and into real enterprises," he told CoinDesk.