Singapore: Blockchain startup Bluzelle raises $19.5m through ICO

Neeraj Murkara (CTO) and Pavel Bains (CEO).

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.

Also Read:

Singapore: Logistics venture Ninja Van closes $85m Series C

Singapore: Parcel Perform closes $1.1m seed round led by Wavemaker, 500 Startups

Singapore: Grab-oBike partnership sees GrabPay integration, addition of bike-sharing services

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.