27 April, Hanghzou-Baoquan, a blockchchain startup based in Hangzhou Zhejiang, close 25 million yuan (~3.6 million USD) angel round funding recently. The funding was led by Dingfeng Capital, Zhejiang Tsinghua Yangtze River Delta Research Institute of Hangzhou Branch, Jia Hui Ze Co., and Dr. Lu Chunquan. With the 10 million yuan seed round funding in May 2016, Baoquan has received 35 million yuan funding so far.
Baoquan is operated by Zhejiang Shuqin Technology, which was established in May 2016. The company has enjoyed rapid growth as a blockchain Fintech company, aiming to offer blockchain solution for practical issues with more than five years of experience in digital currency and blockchain.
Other than the Baoquan featuring electronic voucher and attestation service , Shuqin also acquired QianXin, a platform that offers blockchain-based legal authenticity service and socialized credit rating product.
Screenshot of Qianxin App
There have been growing demand for accessing external data from financial institutions and other users. Shuqin Technology developed ShuXin, a blockchain-based platform, for mainstream financial institutions in 2017. By merging legal and compliance data from various sources, Shuxin offers big data service in risk-control, anti-fraud and marketing.
Since foundation, Shuqin has been a breakthrough in a number of businesses:
- Blockchain trust electronic certificate business in various fields: Internet financial, intellectual property, social public service, etc.
- Cooperate with judicial expertise center: Blockchain record & verify.
- Cooperate with Chain Forensic Science: the online judicial expertise, service platform based on Block chain, applied in the Zhejiang traffic police system.
- Blockchain+Big data Product: provide the risk data source for banks, insurance, stock market, etc.
- As a member of Hyperledger that based on Fabric: set up a underlying research team, develop VeraXChain to meet the self demand.
Dr. Wang Maolu, co-founder and Chief scientist of the company, commented on the funding:
The positioning of big data + block chains is recognized as an effective path for the development of blockchain by the capital market. The combination of big data and blockchain will be an important engine for the development of the company.
Speaking of future development, Gao Hang, CEO of Shuqin Technology said :
In addition to the blockchain plus big data applications, we will soon usher in the booming of opportunities in practical user case. The following 3 core features of blockchain: immutability, distributed ledgers that are transparent and verifiable and traceability will be merged into our product and service.