Tierion, a new start-up, has raised just over $25 million worth of bitcoin and eth in an ICO that finished yesterday, reaching their aim of maximum funding.
The project is VC backed with a live product used by Microsoft and others for data verification through anchoring information to the ethereum or bitcoin blockchain. The start-up says:
“Tierion works by creating a proof that links data to a transaction on a blockchain. This is called anchoring. Anyone with this proof can verify the data’s integrity and timestamp without relying on a trusted authority.”
Record keeping is a big business with many service providers, from hospitals to land registries, looking at ways to secure their processes through blockchain technology.
Tierion seemingly aims to make it easier for them by using the Tierion network which anchors the data to the blockchain and is apparently integrated with many apps.
Fenbushi capital has backed them with a $1 million seed round alongside the Digital Currency Group and Blockchain Capital with Bo Shen, General Partner at Fenbushi, stating:
“Unlike most projects raising money through token sales, Tierion already has a live product that they’ve been improving for years. We’ve been impressed with Tierion’s team since our initial investment, and we’re excited to continue supporting them through the Tierion token sale.”
However, no data is provided regarding the number of Tierion’s users or, more importantly, its revenue and profits since the project launched.
“We’re transforming Tierion from a cloud application into a global distributed network. Our goal is to build a global proof engine that safeguards the world’s data,” Tierion’s CEO, Wayne Vaughan, says.
It’s an ambitious goal, not least because the use of blockchain technology for record keeping is a very competitive field, lacking any barriers to entry.
As such, many start-ups are trying to tackle different aspects of it, such as Everledger, which tries to secure diamonds through blockchain tech.
The revenue angle therefore, and by extension the return on investment, is unclear, but Fenbushi was sufficiently confident to invest in the token sale, so perhaps they have a clearer picture than we do.
Which may be one of the reason why some are seemingly welcoming the SEC’s intervention. Although here at trustnodes we have criticized them for the way they made their decision, disclosure requirements, such as revenues and profits, as well as quarterly public reports on progress and funds spending, would be welcomed.