Kaiserslautern/Frankfurt, Germany, July 1st, 2019 – Arxum GmbH, a provider of blockchain solutions for connecting the manufacturing industry with customers and suppliers, has raised a seven-digit Euro financing from FinLab EOS VC Fund, a venture capital fund backed by both Block.one, the publisher of the blockchain protocol EOSIO, and FinLab AG, one of Europe’s largest company builders and investors focused on financial services technologies. The FinLab EOS VC Fund invests across sectors and is aimed at projects delivering value through the application of the EOSIO blockchain technology.
Arxum is among the first and leading companies to successfully apply third-generation distributed ledger technology (DLT) in an industrial and manufacturing context. “We are proud that FinLab has selected Arxum for a substantial investment,” says Dr. Markus Jostock, Co-Founder and CEO of Arxum, “and we are eager to further grow our innovative business solution for the manufacturing industry and to join FinLab’s EOSIO partner network”. The funds will be used for further development activities in order to enlarge the ecosystem of tools and applications connecting companies and their corporate IT systems to the Arxum Production Protocol. The company is using the EOSIO blockchain to facilitate secure and automated data exchange as well as business information transfer between industrial customers and suppliers. Arxum is one of the first projects to apply DLT for industrial use-cases. Particularly, the company has the technology to directly connect production machines to DLT-based smart contracts, and thus provides unprecedented security in Machine-to-Machine communication and new levers for IoT-based business process automation.
“New business models of Industry 4.0 are fostered by the digital interconnection of manufacturers, customers and suppliers. Third generation blockchain technology like EOSIO used by Arxum’s production protocol has the potential to solve many of the problems that arise in this context. Track & trace, tokenizing and secure managed data transfer are only a few of the applications for which Arxum’s technology can provide an industrial business solution”, says Hans-Georg Schreibe, member of the management board at ROI Management Consulting, a leading corporate consultancy specialized on Industry 4.0 solutions.
“Arxum’s technology and the strong industrial business focus of the solution was one of FinLab’s decision criteria. We are convinced that Arxum has the potential to disrupt industrial business interaction and we support them in establishing the EOSIO protocol as an effective state-of-the-art data exchange standard”, explains Juan Rodriguez, Managing Director of FinLab EOS VC Fund.
Arxum offers Infrastructure-as-a-Service for automated and robotized inter-company data exchange in the global manufacturing industry. The company provides its business solution on an Infrastructure-as-a-Service basis for a wide range of industry sectors. The Arxum Production Protocol interconnects companies down to the machine level across company borders with an automated business logic execution. Distributed Ledger Technology provides a cryptographically secured data exchange outside of corporate IT systems. Arxum’s main customers are e.g. in the automotive sector, waste recycling industries and others. Arxum is based in Kaiserslautern, Germany.
About EOS VC:
Block.one’s EOS VC program offers developers and entrepreneurs the funding they need to create community-driven businesses leveraging EOSIO. It provides support through venture capital partnership funds that primarily aim to achieve sustained utilization of the EOSIO ecosystem by investing in a concentrated and diversified portfolio of blockchain-focused companies building on the EOSIO software.
The EOS VC initiative is dedicated to fostering a global network of individuals from a number of disciplines through our engagement events. As part of the mission and vision, EOS VC engages with the blockchain developer community on a regular basis.
About FinLab AG:
Stock market listed company FinLab AG (WKN 121806 / ISIN DE0001218063 / ticker symbol: A7A.GR) is one of the first and largest company builders and investors focused on the Financial Services Technologies (“FinTech”) sector. FinLab focuses on developing German FinTech startups and providing venture capital for their financial needs, whereby in each case the aim is a long-term participation and ongoing support of the investment. FinLab also invests globally, as part of venture rounds, in FinTech companies, primarily in the USA and Asia.
Original announcement : ARXUM & FinLab EOS VC- English
Article in German language can be found here:ARXUM & FinLab EOS VC- German