UPDATED 15:55 EST / JANUARY 27 2020

BLOCKCHAIN

SettleMint raises $2.1M to build out enterprise blockchain-as-a-service

Belgium-based blockchain platform-as-a-service distributed ledger technology company SettleMint NV today announced the procurement of $2.1 million in funds backed by KPN Ventures and existing U.S. investor Medici Ventures.

Founded in 2016, SettleMint provides infrastructure and developer tools for enterprise-grade blockchain projects using a low-code solution.

SettleMint’s vision with its proprietary scalable, low-code, chain and infrastructure agnostic solution is designed to make blockchain development highly accessible to developers without the risk of vendor lock.

“When you recognize the benefits of this technology for the economy and for society, you have a moral obligation to make it easy for developers to use, to accelerate adoption,” Matthew Van Niekerk, co-founder and chief executive of SettleMint. “As with other cutting-edge technologies, getting to the inflection point of adoption requires a product that abstracts away complexity, tools that developers love to use and a solution that decision-makers trust.”

With more companies experimenting with blockchain technology to solve numerous use cases – including supply chain management, documentation trust, identity management, payments and more – there is a burgeoning need for blockchain infrastructure middleware. Much of this has led companies to spend developer time and energy on building in-house blockchain expertise or outsourcing expensive third-party expertise.

“SettleMint has developed an innovative product that solves problems for organizations deploying blockchain use cases, limiting the necessity to have in-house blockchain expertise while significantly shortening the time to market,” said Sjoerd Spanjer, investment director at KPN Ventures.

The company has developed over 30 use cases on its platform to date across both the public and private industry sectors, several of which are now in production.

Those use cases include EnergyMint, a peer-to-peer transaction network for energy market management for decentralized production, Sharia-compliant financial products on blockchain for the Islamic Development Bank and a proof-of-concept with Standard Chartered to tokenize securities for financial markets across Asia, Africa and the Middle East.

The company also developed a blockchain-based voting solution that provides almost-instantaneous results in Indonesia using blockchain voting but does not replace the presence of paper-based voting. The solution, named Democracy Anchored, helps ensure the results have not been tampered with. It secures the electoral process on-chain, by providing irrefutable evidence of each vote, but also maintains the structure of paper while also providing anonymity to the voters and securing trust in the fact that each individual vote was counted.

This funding brings the total raised by SettleMint to $6.1 million and the company plans to use the new investment to accelerate the startup’s global expansion and commercialize its enterprise blockchain solution in Europe, the Middle East and Asia-Pacific.

Image: SettleMint

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