Applied Blockchain has secured its first funding round with investments from Shell Trading International and Calibrate Partners for minority stakes in the company
Applied Blockchain, a London-based blockchain start-up, has secured its first funding round with investments from Shell Trading International and Calibrate Partners for minority stakes in the company.
Founded in 2015 and based in London’s Level39 Fintech Accelerator, Applied Blockchain develops blockchain applications with a focus on distributed ledger technology and smart contracts.
The start-up grew organically through 20 successful client engagements in two years and was featured in Gartner’s 2017 ‘Market Guide for Blockchain Consulting and Proof-of-Concept Development Services’ report . Its clients include global players in banking, telecoms, automotive, manufacturing, aviation, as well as a range of blockchain start-ups and partners.
This agreement marks the first entry into the energy industry for Applied Blockchain.
A blockchain is akin to a digitally distributed ledger that can be replicated and spread across many nodes in a peer-to-peer network, thereby minimising the need for oversight and governance of a single ledger. It is being actively pursued by several energy traders among others.
Prior to making an investment in Applied Blockchain alongside Calibrate Partners LLP, Shell selected the start-up as winner of a development competition for Shell’s downstream businesses.
The initial funding will be used to accelerate growth, and develop and launch technology for private, consortium and interchain business blockchain networks.
Johan Krebbers, Chief Technology Officer for IT at Shell Global Solutions International, said: “Blockchain applications have huge potential to shake up how we do things in the energy industry from streamlining process, to simplifying how we work with our suppliers and serve our customers. Investing in Applied Blockchain is part of our commitment to use digitalisation to create value in our core business and develop new business models.”
Last year Calibrate made a significant investment in Crossflow Payments, a tech-driven alternative finance platform delivering supply chain finance solutions, in which Calibrate took a minority equity stake in Crossflow.