Samsung backed blockchain startup Aergo has received $30 million in venture funding, according to release from the company. Aergo is a partner of South Korea based Blocko – an enterprise blockchain provider. Aergo allows businesses to build applications and services by sharing data on a trustless and distributed IT ecosystem. Blocko plans to use the Aergo platform to offer a broader set of enterprise-IT solutions and cloud-based application development capabilities to many existing blockchain clients.
Aergo was founded by Blocko’s leadership team. Their architecture is expected to allow enterprises to transfer data without having to trust an intermediary while also being flexibly governed and integrated seamlessly into existing systems.
The funding round was said to include some pretty big names like Sequoia Capital China, GBIC, Neo Global Capital, Dekrypt Capital, FBG Capital, Arrington XRP Capital, JRR Crypto, Rockaway Capital, Block Crafters Capital, and others.
Aergo will use the money to release a “new base-layer public blockchain protocol.”
Aergo was built based on the experience of Blocko and their 23 different private blockchain products.
Phil Zamani, Founder and Chairman of AERGO, said he has spent 25 years leading firms like VMWare and Red Hat in driving adoption of open-sourced tech.
“Blocko’s approach to the next frontier of open-source technology, blockchain, will emulate that which I made when leading business strategies in firms like Red Hat, where innate customer know-how, which Blocko has, was the edge over competitors like IBM.”
Zamani believes the success of the funding round is credited to the open-source enterprise-IT leadership experience he holds as well as Blocko’s success in the enterprise to date.
Sinhae Lee, Partner at GBIC – an investor, says that many blockchain solutions don’t work for the enterprise. Aergo may be able to fix all of that.
“Aergo has the greatest potential to bring blockchain technology closer to the real world as it is leveraging Blocko’s core technology which has dozens of production-level projects with millions of end-users. The team has been focusing on blockchain technology since 2014 and has been providing its blockchain product, Coinstack, to some of the largest conglomerates including Samsung Card, Hyundai, and Kia Motors.”
Aergo previously raised USD $ 8.9 million in a Series-B round in June of 2018.