Foxconn Backs Blockchain Identity Startup in $7 Million Series A Round

Identity startup Cambridge Blockchain closed a $7 million Series A funding led by HCM Capital, the investing arm of Foxconn Technology Group.

AccessTimeIconMay 15, 2018 at 5:00 p.m. UTC
Updated Sep 13, 2021 at 7:57 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Identity startup Cambridge Blockchain has closed a $7 million Series A round led by HCM Capital, the investing arm of the Taiwanese manufacturing giant Foxconn Technology Group.

According to Tuesday's announcement, Foxconn is "exploring deployments" of software developed by Cambridge Blockchain to improve the management of connected devices and global supply chains.

Other participants in the financing round include Partech Ventures and Digital Currency Group, both of which also invested in Cambridge Blockchain's $2 million funding round in February 2017.

The funding also marks the latest move by the Foxconn unit in financing startups in the blockchain space. Explaining its interest in this use case, Jack Lee, founding managing partner of HCM Capital, said in a statement:

"Digital identity is a critical building block to achieve value through decentralized information transfers."

As reported previously by CoinDesk, HCM Capital notably put $18 million in the $250 million investment venture Galaxy Digital, founded by Wall Street veteran Mike Novogratz.

Matthew Commons, Cambridge Blockchain’s CEO, said of the deal:

“Foxconn’s HCM brings a compelling strategic view of blockchain and digital identity. We’re delighted to have their involvement, as well as the renewed backing of Partech and DCG.”

Handshake miniature via CoinDesk

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.