Identity Startup Cambridge Blockchain Raises $1.7 Million

Blockchain identity startup Cambridge Blockchain has raised more than $1.7m in new funding, public records show.

According to a Form D published today by the US Securities and Exchange Commission, Cambridge Blockchain has raised $1,785,000 out of a total $2m, indicating that the startup's funding efforts are ongoing.

Previous SEC filings show that the startup began raising funds in March 2016. The documents show that Cambridge Blockchain had raised $635k out of a planned fundraise of $1.5m as of that month, and in a filing from last October, the startup said it had raised $1.09m out of a planned $1.8m.

It's not immediately clear if Cambridge Blockchain intends to raise additional capital past the $2m.

That fundraising process began weeks after the firm won $15k during a blockchain startup competition hosted by Santander InnoVentures, the venture arm of Banco Santander. That event was held in late January of last year.

At the time, CEO Matthew Commons emphasized his startup’s focus on identity in the context of both regulatory compliance and access to networks in which only certain users are allowed entry.

"This is one of the most critical areas where blockchain technology needs to improve if it’s going to get out of the lab and into real enterprises," he told CoinDesk.

Cambridge Blockchain did not immediately respond to a request for comment.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Cambridge Blockchain.

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