A Start-up of the Blockchain-business Spring Labs collects $ 23 million in a Series A round of funding. Among the high profile investors in the jumping Protocol, among other things, General Motors. The Spring Protocol is aiming for a revolution in data processing for financial service providers. It uses the Blockchain and cryptographic technologies, in order to make the global exchange of data in the financial sector safer.
From Polina Khubbeeva
14. June 2019BTC$8,421 total,00 2.64%part Facebook Twitter LinkedIn xing mail
According to a press release from Spring Labs collected in a series-A investment round of $ 23 million of investor capital. In the message from the 12. June 2019, with the participation of General Motors Ventures and other well-known plant is given to companies.
Spring Labs Mega-project: Spring Protocol
Spring Labs is a 2017 based Blockchain-companies. The company, based in Los Angeles deals with the Transformation of information storage and sharing in the financial sector.
Specifically, Spring Labs aims to revolutionize the sensitive data traffic through the decentralised safety functions. With the Projektset Spring Protocol, it works on a safer global financial services system. This is reduced by using the Blockchain and cryptographic technologies, for example, the duplication of data sets, thus reducing the risk of fraud and Hacking.
The Spring Protocol is a Pallete of products, the publication of which takes place next year in stages. They offer data solutions for financial service providers. Spring Verify is a Service for identity verification. Spring Defense to prevent fraud by reporting suspicious cases.
the focus of the Spring Protocol is on the areas of personality identification and fraud prevention, in which the Spring Protocol’s innovation plans. A combination of the Blockchain and crypto-based anonymization method to allow advanced data processing.
General Motors and August Capital put on Spring Labs
To the investors participating in the financing round, belongs to August Capital, The Pritzker Group and the card works. Was led the round, however, of great point Ventures. This Spring Labs showed, in particular, the cooperation with General Motors Ventures grateful.
CEO and co-founder Adam Jiwan is in the press release of highly satisfied:
to announce, We are thrilled to announce our Series A funding with participation from existing and new strategic investors. This allows us the development of new products, as well as of the Spring Protocols themselves. Furthermore, we are very happy, our relationship with GM Financial to expand. GM Financial has demonstrated in the last year, large trust, and commitment in our collaboration, and Innovation. In the development of products and Use Cases, it played an active role.
The cooperation between General Motors and Spring Labs since 2018. The car maker expects the investment in new encryption technologies, long-term competitive advantages. Digital fraud in connection with counterfeit car purchases did between 2011 and 2018, damages in the amount of about four billion dollars.
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