The venture capital division of Foxconn, the Taiwan-based multinational electronics manufacturing company, has joined a $7 million Series A round in Cambridge Blockchain, a startup that’s focused on helping companies ensure they know who their customers are in accordance with regulatory requirements.
The equity investment round, which was participated by Partech Ventures and Digital Currency Group, involved both the conversion of existing debt and an infusion of new capital, raising the total amount collected to $9 million, including a seed round from last year.
The Cambridge, Massachusetts-based startup plans to use the funds to build out its enterprise data management software over the next two years. This software is surprisingly geared towards protecting identities and streamlining KYC (know-your-customer) compliance for internet-connected devices.
“This funding is a critical milestone and reflects the progress we’ve made in becoming the leading blockchain-based identity solution for enterprises,” said Matthew Commons, founder and CEO of Cambridge Blockchain.
Commons is expecting the company to formally launch in Luxembourg sometime this year with as many as 600,000 end users. Commons also previously announced partnerships with HIS Markit and European trust services provider LuxTrust.
Although Partech Ventures and Digital Currency Group both participated in Cambridge Blockchain’s seed round, the one announced on May 15 indicates Foxconn’s first investment in the company.
Aside from Foxconn’s role in manufacturing Apple’s iPhone, the company formerly known as Hon Hai Precision brings with it a growing list of blockchain experience.