North Carolina based Fluree, a blockchain startup has bagged a $4.7 million in seed financing from Madison-based early-stage venture capital 4490 Ventures. Washington-based Revolution also participated in the fundraising. The company plans to use the fresh funds to develop and market its decentralized data storage ecosystem. The fresh funds will also allow the company to grow its team size which is currently around 17.
Fluree was founded by Andrew J. Filipowski and Brian M. Platz in 2017. The company plans to use the blockchain technology in order to remove the over-reliance on API bloat and data silos. Filipowski, the co-CEO of the firm through a statement said, Fluree stores all data on a blockchain ledger that can be run internally like a traditional data store, or selectively operated in a data network across parties governed by Fluree SmartFunction rules."
Brian Platz, the other CEO and co-founder commenting about the firm said, “Data is at the center of the new economy, yet it is managed by the same database approach we’ve had for 40 years. A data-centric approach simultaneously saves money, promotes secure enterprise collaboration and provides additional leverage for information across systems.”
Speaking to Techcrunch, Platz says, “If you want 100% decentralization, something like Bitcoin, it’s going to be slow. You can’t have your cake and eat it too. If you need to, you can decrease the amount of centralization. So there’s a spectrum there, and we focus on giving people the knob to adjust that based on what they’re trying to do,”
The company has a free version available for the developers as well as a paid option as per their usage. As fresh funds arrive, it will be interesting to see how the platform manages to reach its aim.