Austin startup SeriesX, which is developing a platform built on Ethereum blockchain, has closed on two rounds of funding totaling $2 million.
The company, founded in 2017, received the funding from investors including Shasta Ventures, Next Coast Ventures, Capital Factory Fund 5 and Yeoman’s Capital.
SeriesX said it will use the investment to further develop its customer relationship management platform, Vertalo. It also plans to build out its technical team.
Boiled down, a blockchain is a database -- or "digital ledger" -- that's distributed across far-flung, independent computers. Additions to the ledger are verified and replicated automatically across the network, providing an authenticated chain of entries as well as confidence that changes can't be made without everyone knowing about it.
Through the Vertalo platform, companies can manage collections of SeriesX profiles that provide information on anyone who has had an agreement with the company, from current and former employees to advisers, contractors and vendors.
In addition, the company said it is developing methods for producing U.S. Securities and Exchange Commission-compliant smart contracts with the goal of enforcing investor requirements that come with U.S.-based offerings.
“As organizations continue to evolve and decentralize, maintaining connections and contracts with stakeholders is becoming more challenging, and more important,” said Dave Hendricks, SeriesX CEO.
The company, which is based at Capital Factory, said Vertalo will be available later this year.
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