Dhiway, an India-based blockchain startup, announced Monday it has raised $1 million in a pre-seed round led by Cornerstone Venture Partners Fund, SUNiCON Ventures and existing shareholders.
“The equity we have raised will address market expansion and continuous strengthening of the product road map,
“As India’s first enterprise blockchain infrastructure, we are currently working with large institutions in the areas of governance infrastructure and allied commercial applications while we continue to scale our business at a rapid pace targeting new domains and use cases.” Dhiway Networks Co-Founder and Chief Executive Officer Pradeep K P said in a statement.
A Bengaluru-headquartered startup, Dhiway, was incorporated in 2019. Founded by technologists with extensive experience in building open-source projects which scale, the firm is committed to working with open standards in order to drive innovation.
The firm builds data interchange systems and enables organizations to deploy governance frameworks to sustain these as sustainable digital assets.
It is a founder-member of the Trust over IP (ToIP) Foundation that is working to help enable the trustworthy exchange and verification of data between any two parties on the Internet.
Dhiway operates and maintains India’s first verifiable data exchange platform, #MARK Studio anchored on the CORD (An Enterprise blockchain Infrastructure made in India, made for the world).
The design and implementation of this blockchain provide the application with attributes of privacy, security and compliance with data regulations, including those likely to be in force in the near future.
Dhiway, through its platform, helps enable an ecosystem of digital trust at scale.
The company along with 26 other worldwide organizations – hosted by The Linux Foundation – launched the Trust Over IP (ToIP) Foundation, driven by the need to converge and create an interoperable architecture for decentralized digital trust.
Dhiway currently works with large public and private Institutions in the areas of governance, identity, payments, digital commerce, skills, education and workplace solutions in their journey to adopt emerging Web3.0 technologies.
The company has memorandum of understanding (MoU)’s with several leading organizations for mutual collaborations as they build their domain-specific solutions using the CORD infrastructure.
The founding team of Satish Mohan, K P Pradeep, Amar Tumballi & Sreevidya Satish have extensive industry-wide experience building companies in their respective domains.
The core competency of the team is in building and scaling enterprise products and platforms using open-source development models.
The domain capability, coupled with the operational and financial expertise, has created a well-balanced team with the ability to roll out this large Platform and allied application-based offerings to a global market.
“We were glad to lead the round for Dhiway. In today’s world, ‘Data is Gold’, and each of us needs to have control over our data; with that broader premise in mind, Dhiway is our maiden investment from SUNiCON Ventures,
“The company has demonstrated a great piece of technology which can be implemented globally; The founding team is passionate about bringing a revolution in the data storage and verification space using their own layer 1 Blockchain CORD,” said Saloni Jain, Founder and Managing Partner SUNiCON Ventures.
Cornerstone Venture Partners Fund Investment Director Vatsal Bavishi said :“We are excited at the large opportunity targeted by Dhiway in various multi-stakeholder value-chains across use cases and industries. We are looking forward to Dhiway leading the evolution of emerging Enterprise SaaS business models in the Web 3.0 world.”
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