Blockchain Startup Factom Raises $8 Million in Extended Series A

Blockchain startup Factom has finished raising just over $8m as part of an extended Series A round.

Last October, the firm said that it had raised $4.2m as part of the funding in an effort to raise capital ahead of planned product launches. Taking part in the round, according to AustinInno, include Harvest Equity and Peeli Ventures, along with several as-yet-unnamed local investors.

According to public records from the US Securities and Exchange Commission, Factom raised approximately $8,027,535 during the round.

Previously, the firm – which uses its own blockchain network to verify the the integrity of data – had raised $1.1m in a crowdsale conducted in mid-2015, before going on to raise about $400,000 in seed funding later that year.

Yet since its launch, the project has attracted its share of criticism, centered mainly at its crowdsale of a publicly traded token (known as factoids), as well as a headline-grabbing – but ultimately stalled – effort to partner with the government of Honduras.

In recent months, the company has moved to launch a new mortgage-focused product, dubbed Harmony.

Miniature coin stack image via Shutterstock