Factom

blockchain

FOUNDING YEAR: 2014
LOCATION: United States
Last Update: 08/09/2020

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About

Factom uses blockchain-based identity ledgers in database management and data analytics to support various applications.

MEDICI Analysis

Factom uses blockchain-based identity ledgers in database management and data analytics to support a various application.

Focus

PRODUCTS & SERVICES

Bitcoin blockchain-based database management service

REVENUE MODEL

A user can bundle 50-100 records together and pay only one small fee, instead of paying 50-100 individual fees 

MAIN CLIENTS

Businesses

PRIMARY PROBLEM SOLVED

The platform reduces the cost and complexity of conducting audits, managing records, and complying with government regulations.

COMMENT

The company recently launched Factom Harmony, a product which aims to bring transparency and immutable audit records for the compliance in the U.S. mortgage industry(Apr 2017).

Traction

VALUATION / MARKET CAP:

$81.33 M in 2017

NUMBER OF TRANSACTIONS:

2 M

People

FOUNDERS

Peter Kirby

Tiana Laurence

Abhiśek Dobhal

BOARD MEMBERS AND ADVISORS

David Johnston

Andrew Yashchuk

Steven Sprague

Craig Sellars

Bruce Fenton and many more

NUMBER OF EMPLOYEES

11-50

INVESTORS:

Draper Associates

FastForward Innovations

Fenbushi Capital

Medici Ventures

Overstock

Peeli Ventures

Plug & Play

Plug and Play

Stewart Title

Tally Capital

Tim Draper

KEY EMPLOYEES:

Peter Kirby(CEO)

David Johnston

Brian Deery

Paul Snow

Momentum

FUNDED

YES

TOTAL FUNDING

$14.4 M

DATE OF LAST FUNDING

Aug 2018

SEED & PRIOR FUNDING

$400 K

SEED CLOSED ON

Oct 2015

FUNDING SERIES

SERIES A  · $8 M  · Apr 2017

OTHERS  · $6 M · Aug 2018

LISTED

NO

Innovation Programs

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Factom

About

Factom uses blockchain-based identity ledgers in database management and data analytics to support various applications.

Focus

PRODUCTS & SERVICES

Blockchain-based database management service

REVENUE MODEL

A user can bundle 50-100 records together and pay only one small fee, instead of paying 50-100 individual fees 

TOP PROBLEM SOLVED

Factom solves the core limitations and security risks arising from centralized databases.

PRODUCT DEVELOPMENT STAGE

MVP

PRODUCT DEVELOPMENT COMMENT

Launching of Milestone 2 in the summer of 2016.

KEY DIFFERENTIATORS

Proving the negative. Hybrid between a secure distributed ledger with the speed, flexibility and cost reduction of a side chain. Light weight and immensely scalable.

PRIMARY CUSTOMER TYPE

Enterprise - Banks or Financial Institutions

Enterprise - Others

STRATEGIC CLIENTS AND PARTNERSHIP

USAA : POC

Traction

NUMBER OF TRANSACTIONS:

2 M

LIVE USERS/TRANSACTIONS:

Yes, in trial/pilot

How will you grow the number of users/accounts/transactions?

Integration with corporations and governments

CHANNEL STATUS

MULTIPLE CHANNELS

People

NUMBER OF EMPLOYEES

11-50

BOARD MEMBERS AND ADVISORS:

Andrew Yashchuk, Steven Sprague, Craig Sellars, Bruce Fenton,many more

INVESTORS:

Kuala Innovations

Momentum

FUNDED

YES

FUNDING COMPLETED

NO

LISTED

NO

FUNDING SERIES
Seed
USD1.8 M
at a USD11 Mvaluation
Series A
USD1.00