Blockchain startup Gospel Technology has raised £1.4m in a Seed round led by LocalGlobe.
The London-based company says its developed a way of securely distributing data across decentralised infrastructures.
Additionally, the startup says it has been working with one of the UK biggest aerospace and defence manufacturers to develop a proof of concept in a bid to improve record keeping for its supply chain.
Gospel Technology was founded in December 2016 by entrepreneur Ian Smith and leverages a private ledger.
Smith, also the chief executive, commented: “For manufacturers and other businesses dealing with critical data there is a problem of trust in data systems, particularly when there is a need to share that data outside the organisation. “With Gospel technology we can provide an immutable record store so that trust can be fully automated between systems of forward thinking businesses.”
Smith sold his first business, Butterfly Software, which developed applications that help organisations discover, analyse and migrate data centre infrastructures, to IBM in 2012. Following the sale, he worked at IBM for three years, where he lead product management and technical sales for the systems division.
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Gospel is backed by a series of Angels including Michael Pennington, the co-founder of Gumtree; and Vivek Kundra, the chief information officer for the US Government during Barack Obama’s tenure.
Remus Brett, venture partner at LocalGlobe, spoke about the decision to invest in the startup: “The problem Gospel is solving is how big companies stop critical data from being compromised when traditional ‘hub and spoke’ or centralised approaches to data security are failing them. Using blockchain technology Gospel can secure company data, thereby solving one of the biggest challenges of data trust that companies large and small face today.”
The cash will be used by the company to develop its software further, as it expects to double its headcount from 25 over the next 18 months.