Singapore-based decentralised database provider Bluzelle has announced that its initial coin offering (ICO) has raised $19.5 million in funding, according to a press statement.
It previously raised a $1.5 million Series A funding round in August 2017 from Global Brain, LUN Partners Capital and True Global Ventures. The company is developing a decentralized database to address blockchain storage challenges.
Bluzelle was founded in Canada in July 2014 and used to focus only on payment systems. However, in February 2016, Bluzelle decided to capitalise on Asia’s growth potential and provide blockchain infrastructure for on-premise deployment to clients that include AIA, Maybank and Temenos.
The ICO saw the company generate 500 million tokens and sell 165 million – a third of the total – to investors that include Kenetic Capital, Hashed, Kryptonite 1 and 8 Decimal Capital.
In an official statement, Bluzelle CEO Pavel Bains said, “Selling out the crowdsale is a huge milestone in the growth of our company and our journey to deliver a product that will be a key component of the new, better Internet.”
“We have been into this technology for years and the CEOs and CTOs we work with are just as enthusiastic as us about the product, technology and the future. With this funding, we will now be able to bring our decentralized database to everyone.”
The company’s advisor list includes the likes of Brian Fox, creator of GNU Bash, Alex Leverington, one of the original Core Ethereum developers, Prashant Malik, co-creator of Apache Cassandra and Ryan Fugger, the original creator of the virtual currency Ripple.
Bluzelle’s product offering – its decentralised database – aims to fill what the company claims is a gap in the decentralised Internet in the form of data storage and management systems sufficiently flexible enough to permit rapid and simple data queries.