nChain, a leading provider of enterprise-grade blockchain solutions, recently revealed its latest investment. On October 2, 2020, they announced that they were leading the investment round in GeoSpock, a data analysis and integration firm based in Cambridge.
nChain will co-lead the $5.4 million Series A round with Cambridge Innovation Capital. Other investors in the funding round are leading tech investors in Asia such as NTT DOCOMO and Global Brain. The company is strategically aligned with other investors due to the belief in the immense potential of GeoSpock. This funding round will underpin the international expansion of GeoSpock. It will set the stage for unprecedented opportunity to develop revolutionary blockchain applications for datasets on a national and global scale.
What The leadership Team Had To Say
Commenting on the development, David Washburn, the nChain CEO, said that data had to be mined and refined, like any other resource, to unlock its value. He noted that GeoSpock was a leader in the sector. They could capture, organize, and analyze the extreme-scale datasets of smart nations, cities, life-scale IoT, and connection transportation networks.
He noted that the blockchain was well-suited to capitalize on the data. According to him, GeoSpock would be the catalyst for unparalleled access to real-time data analysis at scale. He concluded by saying their investment would enable the continued growth of GeoSpock. Additionally, it would create new realities for their clients to leverage the full potential of the blockchain.
Richard Baker, the GeoSpock CEO, had equally enthusiastic comments on the funding round. According to him, their expansion into Tokyo and Singapore in 2019 proved that the platform was capable of data analysis at any scale while providing tangible value to their investors and clients.
The GeoSpock CEO added that the technological world was growing. This was giving companies the ability to capitalize on data with the appropriate infrastructure in place. He noted that nChain was the ideal strategic investor, who understood the true order and magnitude of their ambition. The CEO said that nChain has emerged as a leader in enterprise-grade solutions. He hopes that their technology will enable them to develop unforeseen world-scale applications for the blockchain.
Massive Growth For GeoSpock
Since it established its Singapore office, GeoSpock has seen rapid growth. Singapore has a focus on smart urban development. It has embraced modern technology, which has created a fertile ground for GeoSpock to succeed. The technology they have developed has far-reaching applications across various industries.
A good example of this is their partnership with the Baltic Exchange, where they pioneered the use of maritime data in emissions monitoring. GeoSpock plans to expand globally from its Cambridge headquarters. It is close to the nChain team, which is located in London. The proximity will help foster meaningful collaboration.
Summary
The use of the blockchain outside of crypto has been gaining traction year over year. Many nations and industries are waking up to the potential benefits of using the blockchain to manage data, such as improved security and reliability. Combining the data analysis capabilities of GeoSpock with the enterprise-grade blockchain solutions developed by nChain will no doubt lead to greater adoption of the blockchain.
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