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Blockchain Startup Factom Raises $4.2 Million Series A Funding Led By Draper Associates

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Factom is a blockchain startup specializing in data management and storage. The company announced $4.2 Million in a Series A funding round led by Tim Draper of Draper Associates, earlier this year. Factom is creating a protocol to make Bitcoin 2.0 applications run faster, cheaper, and with much less bloat. Below is our interview with Tiana Laurence, Co-founder & CMO of Factom, Inc.:


Q: What is Factom? Could you tell us Factom’s startup story?

A: Factom, Inc. is a blockchain technology company that secures data via decentralization. The company is at the forefront of pushing the blockchain revolution towards solving real-world business problems.

The Factom team is composed of very different types of individuals. The glue that holds us together is the shared belief that honesty is transformative and blockchains are a very powerful tool for honesty. A couple of Co-founders and I all moved across the country to be in Austin, Texas to make Factom become a reality. We wanted to take the idea of blockchains and scale it beyond bitcoin data to practical, real-world problems.

Q: Tell us something more about your products?

A: Factom is a Blockchain as a Service (BaaS) company focused on delivering products that guarantee document, systems, and data integrity at scale for governments and enterprises. We will be announcing a new product next week with a fuller description.

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Q: What are the main benefits of using Factom’s solutions?

A: Factom’s unique back-end infrastructure allows corporations, governments, and organizations to securely integrate, manage, and secure data — any type, any source, and at a massive scale. The result is a new generation of audit and accountability tools for a safer, more affordable way to handle secure and tamper-proof transactions.

Q: You’ve recently announced a $4.2 million series A funding round; what are your plans?

A: With this round of funding, we plan on growing our Austin office, in particular, our engineering team. We are bringing on three notable industry execs very soon and are excited for the expertise they’ll bring to the company.

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Q: What is the motto that guides your decisions?

A: We are on a mission to make the world’s systems honest. People and institutions today can solve hard problems and change the world for the better when they have a reliable framework to build upon. Honesty and transparency are good for business.

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Q: How does the future look like for Factom in general?

A: The future looks good for Factom. We are building exciting tools with a handful of customers and now have the funding and team in place to scale the ideas of blockchain into real word applications that create new value.

Last Updated on November 21, 2016

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