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Blockchain ID Startup ShoCard Raises $4 Million in New Funding
ShoCard has announced a new venture funding round, news that coincides with its launch of a new enterprise-focused identity product.
Blockchain startup ShoCard has raised $4 million in new funding from a range of investors.
Co-led by AME Cloud Ventures and Morado Venture Partners, two of the company's existing stakeholders, the round also saw participation from Storm Ventures, Danhua Capital and Correlation Ventures, as well as Recruit Strategic Partners and investor Robert Tinker.
STORY CONTINUES BELOW
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The completed round brings ShoCard's total venture funding so far to $5.5 million. In July 2015, the startup raised $1.5m in funding from a group of investors that included AME, Digital Currency Group, Enspire Capital and Morado.
Along with the funding, the startup unveiled a new enterprise-facing product, dubbed ShoBadge.
The idea, according to the startup, is to eliminate the use of passwords and usernames by using mobile-based encryption, with blockchain technology being used to preserve an immutable record of who has permission to access accounts.
"ShoBadge will use the ShoCard verification, enrollment and authentication tools that leverage mobile devices along with the blockchain as the next generation of identity management, offering CIOs and CISOs a consolidated approach and more secure identity management for their enterprise," Armin Ebrahimi, the firm's founder and CEO, said in a statement.
Disclaimer: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in ShoCard.
Child-like identities image via Shutterstock
Stan Higgins
A member of CoinDesk's full-time Editorial Staff since 2014, Stan has long been at the forefront of covering emerging developments in blockchain technology. Stan has previously contributed to financial websites, and is an avid reader of poetry. Stan currently owns a small amount (<$500) worth of BTC, ENG and XTZ (See: Editorial Policy).
