Data blockchain platform Gospel Technology closes £5m Series A

Gospel Technology, which provides a secure data sharing platform to businesses, has announced a Series A investment of £5m.

IA Ventures and Salesforce Ventures both contributed to the investment, which will be used to develop Gospel’s sales and product offerings.

The London-based firm has built a platform that intends to enable secure, yet efficient, data collaboration – without restricting access. Using a ledger, it allows businesses to securely share data between both employees within the enterprise and enterprises in supply chains and partnerships.

CEO Ian Smith founded the company back in 2016. Prior to Gospel Technology, he had founded data analysis and migration company, Butterfly Software, which was successfully acquired by IBM in 2012.

Commenting on this investment, Smith said: “Having IA Ventures and Salesforce Ventures join us at this point in our journey is an honour and extremely exciting. IA Ventures are renowned for investing in positively disruptive start-ups and Salesforce is a true innovator and leader, bringing SaaS technology into the enterprise landscape.

“That mindset and ability to execute aligns with our strategy and ambitions, and we look forward to working together to grow our product and blockchain’s impact in the enterprise,” he added.

This Series A investment marks one of the first investments that IA Ventures and Salesforce Ventures have made in a blockchain company. This latest cash injection comes relatively soon after the company secured Seed and Angel funding from LocalGlobe in February 2018.

Alex Kayyal, a partner at Salesforce Ventures, said the company looks to invest in the most innovative enterprise companies from across the globe. “We are excited to support Gospel’s vision of advancing enterprise data sharing through blockchain, and we look forward to having them work more closely with our customers.”

Roger Ehrenberg IA Ventures also commented, saying the company is excited to “add Gospel Technology to our trailblazing community of talent and technology”.

He continued: “We believe that blockchain can radically transform the way that organisations will collaborate and share data, resulting in improved productivity and innovation. We are looking forward to seeing how the Gospel value proposition matures and how the company acts on its vision for businesses across the world.”

Gospel Technology will use the investment to expand its sales, marketing and partner programs. It will also enable the firm to continue developing its platform and its integration across existing and new applications.