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Blockchain data-sharing platform Smarter Contracts raises £790k

Smarter Contracts
Image credit: fizkes via Shutterstock

Smarter Contracts, a blockchain startup that has developed a platform to manage data permissions, has closed a $1m (£790,000) funding round.

Founded in 2018, Smarter Contracts will use the new funding to support the development of Pulse, the startup’s blockchain-based platform to manage user consent in data sharing.

The company describes its mission as making data sharing more accessible and transparent, as well as more effective for enterprises.

Smarter Contracts has claimed that by making user data sharing more honest and open, it can encourage customers to be more willing and comfortable sharing information that can then be used by businesses.

“In the face of early scepticism, the team persevered through some of the most challenging circumstances to bring our vision to life,” said Wayne Lloyd, founder and CEO of Smarter Contracts.

“I’m proud to say that the future we saw so clearly back then, is evolving as we predicted, and investors and businesses now recognise the importance and value of using a tool like Pulse.”

The capital came from two undisclosed private investors and was supplemented by prize money from the Amazon AWS Fintech Accelerator.

“I’m immensely proud of my team, who have never wavered from the vision and mission of the company,” added Lloyd.

“As such, I’m thrilled not just for what this news means for Smarter Contracts, but also for them. To close such a significant amount of funding is something they all deserve.”

The new funds will also allow the London-based firm to expand its team.