The Provenance Chain™ Network — the Portland startup that uses the Blockchain to track the “provenance” of materials and ingredients in supply chains — has announced a $4 million round of equity based funding. Prior to this, the company had relied primarily on non-dilutive financing options.
Until the Series A, PCN had been funded by seed investments coupled with Small Business Innovation and Research (SBIR) contract awards. In addition, the company creatively leveraged contract financing through LEONID Capital Partners. “Our capital stack enabled us to cross the well-known SBIR ‘valley of death’ and positioned us for rapid product development and deployment across both the government and private sectors,” says Jeff Gaus, Founder & CEO of PCN. “I cannot say enough about the SBIR program and our capital partners.”
The Portland Business Journal shares more insights into the concept of tracking these materials:
For example, a manufacturer might need a titanium bolt that is not made in China. The specificity might be a requirement of trade or other government mandated restrictions, she said. So this means a buyer must be able to prove things like what a bolt is made of, can it withstand temperature requirements, where was it tested, how were the tests done, where did the metal come from, who turned it into a bolt.
For more information, visit The Provenance Chain Network.
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