---
title: 'Two big wins: The Provenance Chain™ Network raises $10.5M and secures CHIPS Act grant'
date: '2024-10-10T13:16:36-07:00'
type: post
word_count: 504
char_count: 3583
tokens: 656
categories:
  - Portland
---

# Two big wins: The Provenance Chain™ Network raises $10.5M and secures CHIPS Act grant

We often talk about startups landing venture capital. And we sometimes get to highlight when startups land grants. Today, we get to talk about both. With the exact same startup. Because [The Provenance Chain™ Network](https://www.theprovenancechain.com/) has announced both an [SBIR grant associated with the CHIPS Act](https://www.siouxlandproud.com/business/press-releases/ein-presswire/744921001/the-provenance-chain-network-awarded-nist-semiconductor-metrology-sbir-award-to-help-realize-chips-act-goal/) and a [$10.5 million VC investment](https://www.einpresswire.com/article/749735244/the-provenance-chain-network-closes-10-5-million-funding-round-achieving-37-million-valuation) within days of one another.

VC first…

> The Provenance Chain™ Network Inc. (PCN), a pioneer in evidence-based commercial transparency, proudly announces the successful closing of its first priced funding round, raising $10.5 million. This funding was exclusively sourced from individual investors and family offices, highlighting the growing trust and interest in PCN’s mission to empower consumers and businesses alike with verifiable knowledge about their products.

“We are thrilled to have secured this funding from such a dedicated group of family offices and individual investors,” said Jeff Gaus, CEO of The Provenance Chain Network. “Their belief in our mission reinforces the fundamental right of individuals and companies to know the facts about what they buy, consume, and use. With this capital, we will accelerate our innovation, expand our partnerships, and continue to foster a more transparent commercial landscape.”

And on the grant side…

> The Provenance Chain™ Network (PCN) is proud to announce that it was awarded a Small Business Innovation and Research (SBIR) grant from the National Institute of Standards and Technology (NIST) to lead a groundbreaking initiative focused on the development of a Commercial Trust™ Protocol (CTP) tailored to the semiconductor industry. The SBIR grant, funded by the CHIPS Act, marks a pivotal step in enhancing the security, verifiability, and management of critical supply chain, manufacturing, and intellectual property data for the US semiconductor industry.
> 
> The project, titled “Defining & Deploying a Reference Implementation of the PCN Commercial Trust™ Protocol (CTP) to Capture, Manage, and License the Verifiable Credentials, Metrology, and Intellectual Property (IP) of the Semiconductor Industry”, aims to establish a robust framework for ensuring the accuracy and integrity of critical digital credentials across the semiconductor value chain. This work will also be applicable to and benefit all critical supply chains, such as PCNs current work to verify flight critical hardware for the United States Space Force (USSF).

“We are honored to receive this SBIR award from the experts at NIST, who recognize the potential of the Commercial Trust™ Protocol to revolutionize how digital credentials and IP are managed in what is likely the most critical industry globally,” said Jeff. “This initiative not only will set new standards for security and trust in the semiconductor industry, it also will pave the way for broader adoption of systems of evidence across other sectors.”

For more on the grant, visit the [NIST CHIPS Act](https://www.nist.gov/chips). For more information on the company, visit [The Provenance Chain Network](https://www.theprovenancechain.com/).

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