The blockchain identity startup Cambridge Blockchain announced the completion of a $7 million Series A financing led by HCM Capital, the investment arm of Taiwans manufacturing giant Foxconn. Previous investors in the company are Partech Ventures and Digital Currency Group, which invested $2 million in Cambridge Blockchain last February.
Foxconn is exploring the deployment of software developed by Cambridge Blockchain to improve management of connected devices and global supply chains, according to an announcement from Cambridge Blockchain on Tuesday (May 15).
In addition, this investment also represents Foxconn Groups latest move in the blockchain field. Jack Lee, founding partner of HCM Capital, explained the blockchain use case that digital identity is a key cornerstone for realizing value through decentralized information delivery.
Commenting on the latest investment deal, Cambridge Blockchain CEO Matthew Commons said:
Foxconns HCM Capital brings a compelling strategic idea to the blockchain and digital identity industry. We are delighted to have them on board and thank Partech and DCG for their renewed support.
Previously, HCM Capital, a subsidiary of Foxconn, also participated in the financing of Galaxy Digital, a blockchain commercial bank, up to US$250 million, and contributed US$18 million.
