Factom, Inc. is an Austin, TX–based blockchain as-a-service (BaaS) technology company led by co-founder and CEO Peter Kirby. The company leverages blockchain technology to create secure and shareable software and systems for people and institutions. Factom recently launched Factom Harmony, a product intended to bring transparency and immutable audit records for compliance in the U.S. mortgage industry. The firm targets applications that require tamper-evident records and auditability. Financially, Factom closed an $8.029m Series A round in which an earlier $5.326m tranche was supplemented by an additional $2.70m to finish the round. Factom, led by CEO Peter Kirby, develops blockchain-as-a-service products aimed at improving compliance, identity, transparent assets, and securities systems for enterprise, government and non-profit customers. Its products include Factom Harmony, which converts document management solutions into a blockchain-based document platform, and Acolyte, which builds reputation for smart contract execution. The company states a mission “to make the world’s systems honest” by applying blockchain solutions across multiple sectors. Factom is based in Austin, Texas. In August 2017 the company completed a funding event that altered its ownership structure and board composition. No revenue or user metrics were disclosed in the article. Factom is an Austin, Texas–based blockchain technology company that secures data via decentralization. Its open-source core software underpins premium products Factom Apollo and Factom Iris, designed to secure records and identity. The company raised $4.2M in a Series A equity round to expand operations and further develop its technology and product suite. The round was led by Tim Draper of Draper Associates and included a broad mix of strategic and angel investors. Factom intends to use the proceeds to grow operations and advance its core offerings. Leadership comprises CEO and Co-founder Peter Kirby and Chief Architect and Co-founder Paul Snow. Factom provides software that lets companies maintain permanent, time-stamped records tied to blockchains, reducing the cost and complexity of audits, records management and regulatory compliance. Its tools enable transparent accountability systems and immutable records that can be synced and shared among multiple parties, with validation and verification tools for real-time auditing and future business-process analysis. The company positions its audit and verification tools for use across financial services, insurance claims processing, healthcare and pharmaceuticals, telecoms, mobile banking and online real estate transactions. Factom has sold US$1.2m of its "Factoid" software licenses to over 1,500 software purchasers and has established an active developer network building integrations. The company raised $400k in seed funding and plans to use the proceeds to grow sales and expand the developer network while integrating additional applications. Factom is negotiating engagements with several large US companies in banking, insurance and healthcare and intends to raise a Series A in the first half of 2016. Factom offers a data and record-keeping layer built on top of Bitcoin, positioning itself as a protocol for securing records and data. The project recently debuted its first release client and is preparing a public beta client. It closed a $1.1M equity crowdsale hosted by BnkToTheFuture and exceeded its minimum funding target. Earlier in the year Factom raised 2,278 BTC (about $540,000) through a public sale of factoids, its transaction token. Prior to these raises the project had been bootstrapped by an undisclosed network of private investors. The Factom Foundation relocated to London and has cited its permissive stance on software sales as a factor in its development and fundraising momentum. The raise drew notable interest from state governments and financial institutions, including a Honduras land-title initiative and advisory work with USAA.

Total raised

$14M

Funding rounds

5

Latest round

Series A

Latest activity

Apr 2017