UK-based materials tracing system developer Everledger has secured $10.4m in a series A round featuring e-commerce firm Rakuten and Bloomberg Beta, the early-stage investment vehicle for media group Bloomberg.
The round was co-led by financial services group Fidelity Investments and investment banking group GMP Securities, which provided a combined $8.3m. Venture capital fund Graphene Ventures and VC firms Vickers Venture Partners and Fenbushi Capital also took part.
Founded in 2015, Everledger has built a blockchain-based ledger system that uses machine vision, internet-of-things and artificial intelligence technologies to track the credentials of precious resources such as diamonds and coloured gemstones.
The company’s technology can also be used to verify whether materials used for consumer goods such as bridal jewellery are ethically sourced and environmentally sustainable.
Everledger is preparing for further expansion and will use the series A cash to support a projected growth in demand for its diamond and gemstone trackers. It has opened offices in China and India and intends to launch additional tracking systems over the next year.
Finian Tan, chairman of Vickers Ventures Partners, has been added to the Everledger board of directors in connection with the round. Everledger has not previously disclosed funding but it did join payment service provider Mastercard’s Start Path Global accelerator in 2016.