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Factom is a nonprofit blockchain solution platform that preserves and validates digital assets and data. The company is headquartered in Austin, Texas and was established on November 7, 2014 by Paul Snow, David Johnston, Brian Deery, Jack Lu, and Peter Kirby.
Factom features include regulatory auditing and litigation, quality control, mergers and acquisition due diligence, document authentication, ID documentation chain, and NFC RFI Solution.
Factom was made to address the following three constraints faced by the Bitcoin blockchain: speed, cost, and bloat (Bitcoin blockchain has a size limit of 1MB per block). Factom allows decentralized applications (dApps) to write their transaction blocks to the Factom blockchain which is then hashed and finally stored on Bitcoin's blockchain.
Introduction to Factom.
During 2015 Factom raised 3 different seed funding rounds: On April 1, 2015 Factom raised $140 thousand in funding from undisclosed investors; on July 21, 2015 Factom raised $1 million in funding from Tally Capital; and on October 14, 2015 Factom raised completed their final seed funding round with $400 thousand in funding from FastForward Innovations.
On April 18, 2017 Factom completed their series A funding round with $8 million in funding from Draper Associates (lead investor), Plug and Play, Peeli Ventures, Medici Ventures, and Harvest Equity.
On August 8, 2018 Factom completed a venture funding round raising $6 million in capital from FastForward Innovations as a SAFE (Simple Agreement for Future Equity) note.
