KoineArth, a stealth mode startup working at the intersection of blockchains, machine learning and mechanism design, has raised $1.8 million, or a little over Rs 13 crore, in a funding round led by YourNest Venture Capital, according to PTI report.
Existing investor, Inventus India, also participated in the round along with Lumis Partners, according to a statement.
The capital will be used to fund product development and market expansion.
Founded in 2018 by Praphul Chandra, KoineArth’s platform offers solutions for inventory visibility, invoice financing and contract enforcement. The company is seeing applications of this platform from customers across sectors like manufacturing, agriculture and finance.
Apart from product development, the company has also tied up with financial institutions as integration with financiers willing to offer “one-click” invoice financing is a cash-flow value proposition for many organisations, according to the statement.
“With blockchain as the enabling technology, we are creating a B2B (business-to-business) platform for companies to connect and transact with each other. We believe this is the natural evolution of commerce,” Praphul Chandra, founder and chief executive officer of KoineArth, said in the statement.
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