Good things are on the horizon for a particular Los Angeles-based blockchain startup. Not only will the startup benefit from what lies ahead, but so will various financial institutions. If you’re interested in the blockchain, perhaps one of the only headlines you should care about today centers around Spring Labs creating a credit data blockchain.
What Do We Know About Spring Labs Creating a Credit Data Blockchain?
On Tuesday, reports surfaced that Spring Labs has raised $14.75 million in early-stage investment. With this investment, the company plans to create a credit data blockchain. For those who don’t know, Spring Labs focuses primarily on decentralizing the data-sharing process in the credit sector. This is important news, considering it is a blockchain startup that started four mere months ago. It has two headquarters – in Los Angeles and Chicago.
Of course, it is impressive that a company that is still getting itself off the ground could cause such a wave in the market, but there’s another wow-factor to it all: the nearly $15 million haul is a significant amount of money, even for a company that has been operating for a year. According to reports published today, the seed funding round was led by August Capital, a California-based venture firm. There were also a number of other capital firms, most of which were blockchain-based, said to have participated. Examples included Jump Capital, cryptocurrency asset manager MultiCoin Capital, and GreatPoint Ventures.
So, what’s the point of the investment? Well, reportedly, the nearly $15 million investment will be used to further develop Spring Labs blockchain platform. If all goes as planned, we will see some of these developments within the next couple months. The investment will also be used to increase Spring Lab’s development team.