Blockchain Startup KoineArth Raises $1.8 Million In A Pre-Series A Funding Round
A Bengaluru-headquartered blockchain startup KoineArth has raised $1.8 million in a Pre-Series A round.
The funding round was led by YourNest Venture Capital and also saw participation from existing investor Inventus India along with Lumis Partners.
As per the startup, the funding amount will be used to fund product development and market expansion.
Founded in 2018 by Praphul Chandra, KoineArth focuses on solutions for the supply chain segment.
The blockchain startup works at the intersection of blockchains, machine learning and mechanism design to enable economic networks.
Talking about the platform, Praphul Chandra, Founder of KoineArth, said,
“The last decade saw the emergence of B2C platforms like Uber and Airbnb, which are plug-and-play infrastructures that enable producers and consumers to connect and interact with each other. With Blockchain as the enabling technology, we are creating a B2B platform for companies to connect and transact with each other. We believe this is a natural evolution of commerce.”
KoineArth has developed the ready-to-use “marketsN platform” that provides an enterprise-grade solution for digital supply chains.
The platform enables solutions for inventory visibility, invoice financing, and contract enforcement.
Besides focusing on product development, the blockchain startup has been tying up with financial institutions because a key incentive for putting verifiable and immutable records on a blockchain is easing of access to finance.
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