Revolution's Rise of the Rest Seed Fund is investing in this NC-based startup - Technical.ly DC

Business

Jun. 5, 2019 1:30 pm

Revolution’s Rise of the Rest Seed Fund is investing in this NC-based startup

The $4.73 million seed funding round led by 4490 Ventures will help Winston-Salem, N.C.-based Fluree develop and deploy its blockchain-based data management platform.
Fluree Co-CEO Brian Platz.

Fluree Co-CEO Brian Platz.

(Photo via @FlureePBC on Twitter)

D.C. venture firm Revolution‘s Rise of the Rest Seed Fund is backing North Carolina-based Fluree in its latest investment round. The seed funding round was led by 4490 Ventures and is valued at $4.73 million, a press release states.

Founded in 2016, Fluree is a startup that provides a blockchain-based data management platform to help companies gain a competitive advantage while saving cost when competing in the data-driven economy. Dan Malven, managing director at 4490 Ventures, said in a statement that the “world is evolving from static apps to platforms to ecosystems, and technology tools have not kept pace.” With Fluree’s platform, users can advance their data security with blockchain cryptography and make their data more readily sharable without the need for API development, which can save money.

“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,” Flip Filipowski, co-CEO and cofounder of Fluree said in a press release. “Decentralized data ownership like this has never before been possible, and we are excited to witness an entirely new class of applications that emerge from no longer having to blindly trust other parties with critical data.”

The startup will use this funding round to accelerate awareness of its tech on the market and increase its research and development efforts this year. The product is set for a 2019 open source release, coindesk reported, but a free version is currently available for developers along with a licensed version for production deployments.

Advertisement

“We are excited to back this team of seasoned technologists and startup execs who are making a bold bet on the future of data architecture,” Anna Mason, partner at Rise of the Rest Seed Fund, said in a statement. “With Fluree, they are continuing to put Winston-Salem on the map as a startup hub of the future.”

Revolution’s $150 million Rise of the Rest Seed Fund launched in 2017, with a commitment to make $1 million investments in early-stage startups. The fund doesn’t seek to lead funding rounds or provide board members, but to partner with other regional investors on a deal to contribute about 10-20 percent to a startup’s seed funding round.

Companies: Revolution
Projects: Rise of the Rest
-30-
CONTRIBUTE TO THE
JOURNALISM FUND

Already a contributor? Sign in here
Connect with companies from the Technical.ly community
New call-to-action

Advertisement

Mayor Muriel Bowser awarded $175K to Street Entrepreneurs

WhyHotel booked a $20M Series B funding round, plans for national expansion

Arcadia closed a $30M Series C

SPONSORED

DC

Introducing ‘Off the Sidelines,’ a new podcast series about startup investing

Philadelphia, PA - Center City

Odessa

Business Architect

Apply Now

Philadelphia, PA

Vistar Media

QA Engineer

Apply Now

Philadelphia

Vistar Media

Sr. Software Engineer

Apply Now

Village Capital’s Victoria Fram is the first guest on ‘Off the Sidelines,’ our new investor education podcast

Introducing ‘Off the Sidelines,’ a new podcast series about startup investing

This Reston-based data privacy startup closed an $11M Series A

SPONSORED

DC

Verizon is looking for the brightest ideas on how to use its 5G technology

Philadelphia

Vistar Media

Front End Engineer

Apply Now

Washington, D.C.

The Washington Post

Software Engineer

Apply Now

Washington, D.C.

The Washington Post

Scrum Master

Apply Now

Sign-up for daily news updates from Technical.ly Dc

Do NOT follow this link or you will be banned from the site!