Horizen Labs, a blockchain technology startup which helps businesses build distributed ledger platforms has raised $4 million in funding, as per the blog post released on April 11.
Investors who have taken part in the seed funding round include VC firms Digital Currency Group (DCG) and Liberty City Ventures and some other independent ventures.
Horizen Labs firstly targeted to raise $2 million in seed funding, however, it finally received double its target amount, it made an announcement on Thursday.
Horizen Labs stated that it will build "inefficient, time-efficient and customizable" blockchain solutions for businesses with the Investment. The company main purpose is to build sidechain-as-a-service platform. This platform eliminates the requirement for entities to spend their resources on development and enables fast deployment of existing systems with the help of pre-built functional sidechains.
Robert Viglione, who is the CEO of Horizen Labs said, “We have seen considerable demand from customers and businesses for custom blockchain solutions that are not expensive and time-consuming to build."
He further added,
"Through Horizen Labs’ proprietary Sidechain-as-a-Service platform, we aim to let companies benefit from the high-level security of Horizen, a privacy-focused blockchain platform with the largest node network in the industry. Our platform removes development obstacles and offers fast, simplified deployment and integration, as well as pre-built functional sidechains."
Horizen Labs wants to expand its service, hence it will assist all the third-party enterprises to integrate sidechain into their businesses. It is working with different partners in different sectors to provide its first blockchain solution to the market.
As per Barry Silbert, who is the founder and CEO of Digital Currency Group said, sidechain service enables businesses “to incorporate customized digital ledger technology into their operations, removing a significant barrier to blockchain adoption and advancing the industry as a whole.”
According to the survey done by the Big Four audit company KPMG, around 48% of Executives think that blockchain is likely to change the way they do businesses in the upcoming three years. When companies were being asked whether they will implement blockchain in their business or not, 41% of respondents claimed they will use the technology.
As per the study released in January, 40% of Institutional Investors believe that blockchain "could be the most transformative technology since the internet."