Fluree, a company headquartered in Winston-Salem, North Carolina, which has developed a graph ledger database and data pipeline toolset for trusted-, interoperable-, secure-data management and sharing, announced it has closed a $10 million Series A funding round led by SineWave Ventures.
Eve Atlas, Augment Ventures, Nanban Ventures, Wave Financial, and existing investors Good Growth Capital and Rise of the Rest also participated in the investment round.
Fluree plans “to use the funding to continue building data-centric infrastructure for its Web3 customers, enabling the power of digital trust for new applications in verifiable credentials, enterprise blockchain and decentralized-data management.”
The funding also will “enable Fluree to assist enterprise organizations in data transformation journeys for upgrading legacy infrastructure into collaborative modern data platforms.”
Fluree’s graph database technology “allows developers to store and manage data in a decentralized and trusted format for interoperable data exchange across distributed parties.”
Fluree’s customer base “includes commercial partners including the Department of Defense, innovative Web3 startups including Pravica, Fabric, Logosphere, and is the technology of choice for emerging verifiable credentials/decentralized ID solutions.”
Brian Platz, Fluree co-founder and CEO, said:
“Our data-management vision always has been to rebuild data architecture for the modern enterprise. As we move from ‘data as a byproduct’ of applications to ‘data being the product,’ Fluree will provide best-in-class data infrastructure to service this shift. We believe data should be secure, interoperable, trusted, semantically linked and accessible.”
The company has “raised a total of $16.5 million to date. It closed a $6.5 million seed round in 2019 led by 4490 Ventures.”
Fluree’s merger with ZettaLabs, “announced in September, expanded the company’s offerings. For new projects that need digital trust and distributed data collaboration, Fluree’s secure graph ledger database product Fluree Core is perfect.”
For companies steeped in legacy infrastructure grappling with disparate data sets, data silos and outdated data-governance systems, Fluree’s product Fluree Sense “will guide them toward a modern data architecture.”
The result for all Fluree customers “will be a data-centric architecture that simplifies governance, consolidates security and provides secure access to clean and linked data for a diverse range of data consumers.”
Vivek Ladsariya, SineWave Ventures general partner, said:
“We understand the current data and analytics landscape, and Fluree is at the vanguard. Sinewave focuses on accelerating digital transformation and understanding that the status-quo, distributed-data landscape is rife with barriers to entry and value. We are excited to join forces with Fluree and build technology that moves data and analytics into a more secure, efficient and democratized market.”
Open-source software has “powered Fluree’s growth.”
Today, it boasts “more than 100,000 downloads of its software products. Its customers include the Department of Defense, Department of Education, enterprise businesses and startup companies.”
Eliud Polanco, Fluree president, remarked:
“The need in the marketplace for companies to access and share data securely, both inside and outside its four walls, is ever increasing. This is driving demand for more sophisticated data governance and control capabilities. Fluree stands ready to provide the necessary tools to service these emerging demands. Those include smarter categorization and integration of data from multiple sources, verifiable credentials, anonymous data computation at query time and dynamic data access policies to enable active customer consent.”