Venture company August Capital led the seed funding round. Other investors included GreatPoint Ventures, Jump Capital, private equity firm Victory Park Capital and crypto asset manager Multicoin Capital.
One problem the startup is trying to solve is financial data security. Spring Labs wants to use their blockchain technology Spring Network to create a more secure data platform that exists on a distributed ledger, where multiple companies and individuals maintain replicas of a network, preventing the single-point-of-failure architecture. In addition to building its blockchain platform for banks to plug into, it could build and sell tools to help those banks meet federal KYC and AML regulations.
The Spring Network will start as a “permissioned” blockchain where only certain trusted financial institutions can join the network to see and share data. Avant is the first company to participate, and Spring Labs says it will announce others in the coming months.
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