Chronicled, a San Francisco-based blockchain-powered supply chain solutions company, has raised $16 million in Series A funding. This round of funding was led by Mandra Capital. Streamlined Ventures, The Perkins Fund, Frank Fiore, and David Aho also participated in this round.
Currently piloting its MediLedger Network, Chronicled is partnered with a number of major companies ranging across manufacturers, distributors, and solution providers. And the company is going to launching the network commercially later this year. With this funding round, it will enable Chronicled’s expansion of the MediLedger Network with service provider integrations and additional protocols that address channel integrity, contracting, and revenue management.
“What excites us about Chronicled is that they are building blockchain application networks for the long-term,” said Mandra Capital partner SongYi Zhang. “While many companies in the space are conducting ICOs — fueling speculation and hurting the legitimacy of the space — Chronicled has stayed disciplined and pursued traditional funding while focusing on developing needed applications with quantifiable ROI value.”
As the company is growing, Chronicled is going to be opening a development office in Vancouver, BC. Currently, Chronicled is employing 50 personnel and is planning to add approximately 20 employees over the next year.
Chronicled’s blockchain-based platform helps enterprises in pharmaceuticals, precious metals and minerals, chemicals, agriculture, automotive, electronics, and other industries secure and automate their supply chains, reduce operational costs, and streamline business processes.
Interestingly, Chronicled was the first supply chain company to employ zk-SNARKS, a zero-knowledge cryptography form that ensures full privacy for all of the parties involved. And it solves blockchain scalability issues on a commercial scale.
