A UK-based tech start-up specialising in blockchain technology has secured a landmark £5 million investment from two prominent venture capital investors.
London-based Gospel Technology, an enterprise data security platform, has been praised for creating a ‘fabric of trust’ for secure data collaboration. The platform is considered the first practical enterprise application of blockchain technology, addressing the significant challenge of securely enabling data usage and exchange without impacting business performance.
This technology uses a blockchain ledger to allow businesses to securely share data both within the enterprise and with external partners in supply chains. The recent series A investment was made by IA Ventures and Salesforce Ventures, following earlier seed and angel funding from LocalGlobe in February 2018.
CEO and founder Ian Smith, previously known for his successful data analysis and migration company Butterfly Software which was acquired by IBM in 2012, expressed enthusiasm about the partnership with the investors. ‘Having IA Ventures and Salesforce Ventures join us at this point in our journey is an honour and extremely exciting,’ he said. Smith added, ‘IA Ventures are renowned for investing in positively disruptive start-ups and Salesforce is a true innovator and leader, bringing SaaS technology into the enterprise landscape. That mindset and ability to execute aligns with our strategy and ambitions, and we look forward to working together to grow our product and blockchain’s impact in the enterprise.’
The funding will be utilised to expand Gospel Technology’s sales, marketing, and partner programmes. Additionally, the investment will support further development of its data collaboration platform and its integration with existing and new applications and infrastructure.
Roger Ehrenberg from IA Ventures commented on the transformative potential of blockchain, stating that it can ‘radically transform’ the way organisations collaborate and share data, leading to improved innovation and productivity. ‘We are looking forward to seeing how the Gospel value proposition matures and how the company acts on its vision for businesses across the world,’ he added.
This substantial investment marks a significant milestone for Gospel Technology, highlighting the growing importance and potential of blockchain technology in secure data collaboration.