StrongBlock, an enterprise distributed ledger blockchain software startup incubated by Magnetic Capital, announced Wednesday that the company has raised $4 million in seed funding led by Pangea Blockchain Fund.

With this seed funding, the company intends to continue work on its enterprise-level blockchain technology designed to be a standard for distributed ledger technology for businesses, financial institutions and governments.

StrongBlock was founded by a group of blockchain veterans hailing from Block.one LLC, a blockchain operating system company that raised a record-breaking $4 billion with token sales during an initial coin offering. The company’s founders all come from strong backgrounds in the tech industry and they include David Moss (Oracle Corp., Edmunds.com), Thomas Cox (Oracle, IBM Corp.), Corey Lederer (Nike Inc., Accenture PLC) and Brian Abramson (Content.ad).

The objective of StrongBlock’s technology is to provide distributed ledger infrastructure that takes into account the needs of enterprise businesses and the current state of blockchain protocols. Blockchains are currently used across industries in order to provide tracking for supply chains, trustworthy identity for employees, provenance for documents and to speed up financial transactions with increased security.

With the StrongBlock solution, enterprise and government firms will be able to integrate a blockchain solution with legacy architecture without the need for expensive infrastructure upgrades or long development times for building proprietary infrastructure.

“Before Red Hat, Linux was nearly impossible for enterprises to put into production,” said David Moss, StrongBlock’s founder and chief executive. “Now Red Hat is the enterprise Linux standard. If there was a way to push a button and get an enterprise-ready blockchain, you’d move further faster.”

The StrongBlock blockchain solution will use EOSIO, a blockchain protocol and infrastructure developed by Block.one designed to support scalable decentralized applications. It does so by providing what Block.one calls a blockchain operating system that provisions underlying systems used by applications: accounts, authentication, databases, asynchronous communications, execution environment and application clustering and scheduling.

The company’s executives believe that EOSIO is the best possible architecture for StrongBlock’s purposes by being fast performing, highly flexible and reliably governable. The founders also have a background with the infrastructure and are extremely knowledgeable in its implementation.

In a statement, Moss said that StrongBlock’s blockchain solution would be perfect for enterprise and government firms looking to quickly implement scalable operations for numerous needs. “Enterprises already know they have certain problems that only blockchain can solve, notably in supply chain, product provenance, healthcare and finance,” said Moss.

Pangea Blockchain Fund was joined by its limited partners in this seed funding round including Copernicus Asset Management SA. “StrongBlock’s technology will enable blockchains to become ubiquitous, fueling massive business transformations ranging from energy and public utilities to retail and healthcare,” said Maggie Rokkum-Testi, chief information officer of Copernicus. “The possibilities are virtually endless and can be implemented in every industry, delivering the potential of blockchain technology to the masses in a real, profound way.”

Image: StrongBlock