NEW YORK (Reuters) - Texas-based Factom, Inc., a blockchain technology company that secures data, said on Wednesday it has raised $4.2 million in financing from a slew of global investors led by billionaire investor Tim Draper.
Blockchain technology powers the digital currency bitcoin and enables data-sharing across a network of individual computers. It has gained worldwide popularity due to its perceived usefulness in recording and keeping track of assets across practically all industries.
Factom Apollo and Factom Iris are products built on the company's open source. They have developed ways to use the blockchain to keep records and identities more secure.
"Blockchains first pushed the boundaries of computer science with the simple yet revolutionary ability to trade digital value openly," said Paul Snow, chief architect and co-founder of Factom in a statement.
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