The Factom Story
Factom, Inc. is a blockchain innovations company. Established in 2014, the founders recognized bitcoin’s limitations to be a practical blockchain for Enterprise data solutions. Generally, distributed records, information and documents have been difficult to protect, challenging to synchronize, and impossible to truly verify because of the manual effort involved. In response to these challenges, we built the Factom blockchain as open source, reaching full decentralization in May 2018. We continue to support its advancement and adoption as an active contributor and community member.
In 2017, we raised over $8 million in a Series A led by Tim Draper, of Draper Associates. This series of funding included many valuable investors such as Medici Ventures, a wholly owned subsidiary of Overstock.com, Inc., Peeli Ventures, and Harvest Equity. With our Series A funding, we built Factom Harmony, our Blockchain-as-a-Service platform. Factom Harmony provides a full suite of REST APIs and managed services for you to build Factom blockchain capabilities into your applications, systems, and processes.
We provide a Blockchain-as-a-Service platform for data provenance and integrity solutions built on the Factom blockchain. We help our customers and partners build business-ready apps that preserve evidence, demonstrate compliance, increase process transparency, streamline audits, reduce cost, and automate transactions. All without cryptocurrency exposure or costly infrastructure.
“We started Factom to build a more honest and transparent world. We create software that makes it impossible to change the past and solves valuable honesty, trust and audit-related business problems.”
Paul Snow, CEO