Zenprivex (ZPX), a Singapore-headquartered investor and builder of blockchain assets, has announced that it has raised $1.3 million from Ratan Tata-backed seed-stage venture firm SeedPlus and other existing investors.
The funding round was joined by Silicon Valley-based Milliways Ventures, Square product engineering lead Gokul Rajaram, Girish Mathrubootham, Anand Lunia and Zerodha CEO Nithin Kamath.
The company, which is currently said to be working on a number of token products and the building of a decentralized exchange, will use the funds to further build its blockchain stack, launch new products, and make key senior hires to the team, it said in its announcement.
It further added that it is in the process of launching 108 Token, an ERC20 token built on top of Ethereum, that will dynamically re-adjust every month to the top 15 crypto token assets based on their proprietary indexing methodology. The firm’s tech platform initiatives are supported by a dedicated blockchain/crypto research and analytics division.
“SeedPlus has a view that blockchain and cryptocurrencies are creating new opportunities for the financial markets in the form of investable instruments such as tokens. In addition, we believe that platforms for startups or established companies to launch tokens will be a critical part of the internet infrastructure as well as the exchanges to manage their liquidity,” said SeedPlus partner Michael Smith Jr.
SeedPlus, which closed its $18-million debut fund last year, is a new investor in the company. The fund is backed by Jungle Ventures and counts Cisco, IFC, SGInnovate, Accel Partners, Indian business tycoon Ratan Tata-backed RNT Associates and Eight Roads.