ShoCard Raises $1.5 Million in Seed Financing Just Two Months After Unveiling Its Product on TechCrunch Disrupt Battlefield, NY
July 21, 2015 (PRLEAP.COM) Technology NewsJuly 21, 2015 - Palo Alto, CA – ShoCard, a mobile-identity platform that debuted its product at TechCruch Disrupt Battlefield, NY, May 2015, announced it has raised its first seed funding in the amount of $1.5 million from an investment group including: Morado Venture Partners II, L.P. - lead by Ash Patel, AME Cloud Ventures, LLC - lead by Jerry Yang, Enspire Capital Ltd - lead by Kwon Soon Chay, Digital Currency Group - lead by Barry Silbert.
With this funding, ShoCard will aggressively expand its business development and partnerships as well as broaden and accelerate product development, with the hiring of key engineering talent. ShoCard provides a seamless and hyper-secure mobile authentication built on Bitcoins' BlockChain data layer.
"With this investment, we can accelerate the growth of our offering to bring about an easy to use, bank-level security for consumers and mid-level and enterprise businesses to address significant and growing pain-points around repeat proof of identity" said Armin Ebrahimi, Founder and CEO, ShoCard.
"A lot of companies are looking at the Blockchain for solutions beyond Bitcoin currency. We've created a digital identity card that is as easy to use as a driver's license but it's so secure that a bank can rely on it," said Ebrahimi. "We're using public and private keys, data hashing, and multi-factor authentication to provide security, while using users' smartphone to securely maintain all private data as to protect user privacy."
ShoCard has developed a clever use of the Bitcoin Blockchain technology. "We are excited about ShoCard's future and their unique approach to solving the identity problem that we have been living with for years. Their clever use of the Blockchain and smart-phones gives them a leverage that didn't exist before." said Ash Patel, Morado Ventures.
ShoCard, Inc., based in Palo Alto, CA, is a mobile-identity platform providing a simple and intuitive mobile application, using biometrics that enterprises can adopt for definitive authentication while protecting users privacy. This allows for a variety of use cases such as frictionless login services without username/passwords, repeat authentication, true-digital signature with non-perishable audit-trail and transaction authorization to prevent fraud. For more information, visit www.shocard.com
About Morado Venture Partners Ltd.
Palo Alto based Morado Ventures is a seed stage Venture Capital Firm that focuses on data driven companies. Morado Ventures has investments in infrastructure, robotics, cloud and sensor technologies and focuses on companies solving difficult engineering and technological problems. Former Yahoo! Executives and founding partners Ash Patel and Mike Marquez, founded the fund in 2011, and leverage the Yahoo! network to bring value to their portfolio companies. For more information, visit: www.moradoventures.com
About AME Cloud Ventures
AME Cloud Ventures is the venture fund led by Jerry Yang, co-founder of Yahoo! focusing on seed to later stage companies building infrastructure and value chains around data. They love technology heavy companies gathering or creating unique data at every stage of the data stack - from infrastructure all the way to applications, mobile, and sensors. The firm believes great people are the key to a company's success. They strive to find, fund, and support true entrepreneurs. They provide a unique and genuine set of resources to their founding teams, from strong operational and business experience, to networks of amazing mentors and international partners, particularly China. For more information, visit: www.amecloudventures.com
Enspire Capital Ltd.
At Enspire, we enable aspirations. Enspire seeks to work with start-ups and growing companies to achieve their vision and dreams of becoming market leaders. Besides making financial investments, we also add value to our portfolio companies through our extensive network and industry experience. In addition to direct investment, Enspire also makes fund investment with special interests in early stage VC funds to further expand our deal flows and partnership. With coverage in the California Bay Area, China, Taiwan, Hong Kong and Singapore, Enspire focuses on companies and funds that can thrive in the fast growing fields of Technology, Media and Telecommunications (TMT), Internet and Mobile. For more info information, visit: www.enspire-capital.com
About Digital Currency Group
Digital Currency Group builds, incubates and seeds bitcoin and blockchain technology-related companies. DCG owns and operates the industry's leading bitcoin brokerage firm, Genesis Trading, and the largest digital currency asset management firm, Grayscale Investments, which manages the first publicly traded bitcoin investment vehicle, the Bitcoin Investment Trust (symbol: GBTC). DCG has also been the most active seed investor in the digital currency industry with over 50 investments in 15 different countries. Based in New York City, DCG is helping to build the foundation of a new blockchain-based financial services industry.
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