Blockchain startup Gem completes $7.1 million Series A funding

Blockchain API provider Gem has announced that it has completed a $7.1 million Series A financing round led by Pelion Venture Partners, with participation from KEC Ventures, Blockchain Capital, Digital Currency Group, RRE Ventures, Tamarisk Global, Drummond Road Capital, Tekton Ventures, Amplify.LA, Danmar Capital and angel investor James Joaquin.

It is reported that the California startup has raised a total of US$10.4 million to date, with the previous round of US$3.3 million in financing completed in the past two years.

As part of the transaction, Ben Dahl, a partner at Pelion Venture Partners, will join Gem’s board of directors.

Gem said it had previously launched a multi-signature API for bitcoin developers and is currently expanding API development to develop a modular platform for blockchain applications that can be applied to multiple industries.

“We believe that blockchain technology will transform how people and businesses interact with each other,” said Micah Winkelspecht, CEO and founder of Gem. “It will underpin entire industries and one day give rise to a blockchain economy that will become the fundamental architecture of our daily lives.”

Additionally, Bitium CEO Scott Kriz has been appointed to Gem’s board of directors.

Original article: http://www.coindesk.com/gem-secures-7-1m-in-series-a-funding/
By Daniel Palmer
Compilation: Overnight porridge
Source (translation): Babbitt Information (http://www.8btc.com/gem-secures-7-1m)