Computing technology provider IBM and Comcast Ventures, the investment arm of mass media company Comcast, have put their weight behind an enterprise blockchain-focused initiative formed by US-based accelerator MState Growth Lab.
MState will focus on pre-seed and seed stage companies developing enterprise blockchain products and services. Blockchain is a digital ledger technology that is perhaps best known for forming the basis of cryptocurrency Bitcoin.
Five startups will receive cash and take part in a a six-month program beginning in February 2018 at Galvanize’s offices in New York and San Francisco, with a particular focus on helping businesses connect with corporations on the Fortune 500 list to help them attract clients.
Comcast Ventures supplied $250,000 for the fund according to TechCrunch, while IBM will provide unspecified support services to startups. IBM may also choose to support startups that do not end up receiving capital from MState.
Incubator and venture capital fund Galvanize and VC firm Boldstart Ventures have also provided an undisclosed amount of cash for the scheme.
MState will reportedly provide between $25,000 and $50,000 to each of the portfolio companies. It has already backed its first startup through the fund, Blockdaemon, which enables clients to launch a blockchain network within minutes and quickly scale applications.
Comcast Ventures has additionally put “a few million dollars” into a separate blockchain-focused fund of funds, according to TechCrunch, though the publication did not name the vehicle and details could not be ascertained by GCV.