Blockchain company Spring Labs has announced it has closed its Series A investment round and pocketed $23 million in funding. GreatPoint Ventures led the round, with participation from existing investors, such as August Capital and General Motors Ventures. The company will use the funds to build applications on its Spring Protocol.
The company is focusing first on blockchain-based tools to combat fraud. The first products to be built on Spring protocol are identity verification solution Spring Verify, Spring Defense for fraud monitoring and mitigation, and Spring Protect for loan stacking prevention.
“Additionally, we're excited to expand our relationship with GM Financial, which has demonstrated its commitment to innovation and collaboration over the past year, playing an active role in the evaluation of products and use cases on the Spring Protocol,” said Adam Jiwan, CEO and Co-Founder of Spring Labs.
Besides GM Financial, more than 20 other financial services institutions are working with Spring Labs to develop applications.