Huge names are investing in blockchain property rights startup Bitmark.
Consumer electronics mammoth HTC led the $3 million Series A, which also witnessed participation from e-commerce giant Alibaba and investment companies WI Harper and Digital Currency Group.
The funding, revealed September 3, will boost the company’s sales and marketing endeavors. Since going live in 2016, Bitmark asserts to have enrolled more than 1 million digital properties.
“Bitmark’s system for digital property rights greatly expands the promise of blockchain technology by assigning unique ownership for digital assets of all types,” said HTC’s “Decentralized Chief Officer” Phil Chen.
Properties and information enlisted on Bitmark’s proof-of-work blockchain are tied to digital assets dubbed “bitemark certificates,” which can be exchanged, lent, and sold. Last year, the company collaborated with KKFARM, an investment company centered on the music industry, on a royalties service to form rights “transparent, tradable, and economically divisible for musicians.”
In 2017, the company collaborated with UC Berkeley to crowdsource health information, while complying with the regulatory prerequisites of HIPAA and IRB for patient privacy.
That same year, Bitmark secured $1.7 million in seed financing driven by venture capital firm Cherubic Ventures.