Korean blockchain startup TEMCO announced that it has successfully secured investment from Korea Investment Partners (KIP), the leading venture capital of the country, according to a press release on October 1.
TEMCO’s chief aim is to disrupt the supply chain management system, which “falls short” during the pre-delivery stages in the supply chain, the startup said in the announcement. To be able to do so, the startup will be utilizing the technology of RootStock (RSK), a smart-contract, peer-to-peer platform built on top of the Bitcoin blockchain.
This is a big boost to TEMCO, as this will be the first time that a major venture capital has funded its ICO. But the news does not come as a surprise, as the venture capital giant has been known to invest in high growth sectors. Neither will KIP be the sole major institution that will be supporting the said startup, as RSK, TLDR Capital, Deblock, and ICON Foundation Accelerator are already on board.
Jong Hyun Kim, Fintech Investment Board Member of KIP, said:
“TEMCO is more than prepared to disrupt contemporary supply chain process. Not only does TEMCO exceed existing business solutions, but also is a prime example of the potential of blockchain technology. Korea Investment Partners is proud to be a leading investment partner for TEMCO.”
KIP is a venture capital that has offices in China, South Korea, and even in the US. In its 30 years of being in the industry, it has already managed over 20 private equity funds and has successfully invested in over 500 firms, including Kakao, one of the most widely used mobile messaging app in Korea, Naver, also a prominent search engine and web portal in the country, and Korbit, the world’s first Bitcoin-Korean won exchange.
Interested users can participate in TEMCO’s token sale white list in October 2018; the presale will also be held at the later part of the month.
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