Yahoo News Data Management Startup Fluree Unlocks $1.5M Air Force Contract With Latest VC Raise
Blockchain startup Fluree, already building a distributed data management platform to boost the U.S. Air Force’s decision-making prowess, has raised $2.5 million in additional funding from its venture capital backers.
The fresh capital pushes Fluree Public Benefit Corporation’s total seed funding to $6.5 million. It also unlocks a $1.5 million defense contract pledged as matching funds through the U.S. Air Force’s Small Business Innovation Research (SBIR) program, said Fluree communications manager Kevin Doubleday.
He said Fluree will now begin working on Phase II of its USAF project: a blockchain-based and cryptographically secured Multi-Domain Command and Control platform for cross-partner information and data sharing.
“We won the contract with USAF to build a secure communications [platform] between USAF and its worldwide partners, but part of the contract stipulates that we raise” additional venture capital funding, Doubleday told CoinDesk.
He said the requirement is USAF’s way of ensuring Fluree’s “tech has longevity” and traction in the private sector. It is a common clause in Defense contracts meted out through SBIR.
First-time Fluree investor Engage Ventures, a Southeast U.S.-focused tech VC, contributed alongside previous backers 4490 Ventures Rise of the Rest, Good Growth Capital and cyber security CEO Ray Rothrock.
Fluree will use the funds to hire more engineers to work on its verifiable credential and distributed identity infrastructures, Doubleday said.
See also: US Air Force and Raytheon Are Studying How Distributed Ledgers Could Help Command the Skies
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Data Management Startup Fluree Unlocks $1.5M Air Force Contract With Latest VC Raise
Data Management Startup Fluree Unlocks $1.5M Air Force Contract With Latest VC Raise
Data Management Startup Fluree Unlocks $1.5M Air Force Contract With Latest VC Raise
Data Management Startup Fluree Unlocks $1.5M Air Force Contract With Latest VC Raise
