Spring Labs, the company developing a blockchain-based platform designed to transform how information and data are shared globally, announced last week it raised $23 million through its Series A funding round, which was led by GreatPoint Ventures with participation from existing investors, including August Capital, as well as General Motors Ventures, the corporate venture capital arm of General Motors, RRE Ventures, Galaxy Digital, Multicoin Capital, The Pritzker Group, and CardWorks.
Founded in 2017, Spring Labs revealed it is building Spring Protocol, which is described as a network designed to allow network participants, such as financial institutions, to share information about data, such as credit and identity data, without needing to share the underlying data itself. The company explained that the initial use cases include ID verification, fraud mitigation, and access to credit reporting data.
While sharing more details about the funding round, Adam Jiwan, CEO and Co-Founder of Spring Labs, stated:
“We’re pleased to announce our Series A with strong participation from existing and new strategic investors, enabling us to accelerate the development of new products as well as the Spring Protocol itself. Additionally, we’re excited to expand our relationship with GM Financial, which has demonstrated its commitment to innovation and collaboration over the past year, playing an active role in the evaluation of products and use cases on the Spring Protocol.”
Mike Kanarios, Chief Strategy Officer at GM Financial, went on to add:
“GM financial is excited to deepen its relationship with Spring Labs, and we look forward to the launch of the Spring products as we believe they have the potential to better protect our customers from fraudulent activity.”