Applied Blockchain Ltd, a London-based blockchain start-up, has secured its first funding round with investments from Shell Trading International Ltd (“Shell”) and Calibrate Partners LLP for minority stakes in the company.
Founded in 2015 and based in London’s Level39 Fintech Accelerator, Applied Blockchain develops blockchain applications with a focus on distributed ledger technology and smart contracts. The start-up grew organically through 20 successful client engagements in two years and was featured in Gartner's 2017 ‘Market Guide for Blockchain Consulting and Proof-of-Concept Development Services’ report. Its clients include global players in banking, telecoms, automotive, manufacturing, aviation, as well as a range of blockchain start-ups and partners. This agreement marks the first entry into the energy industry for Applied Blockchain.
Prior to making an investment in Applied Blockchain alongside Calibrate Partners LLP, Shell selected the start-up as winner of a development competition for Shell’s downstream businesses.
The initial funding will be used to accelerate growth, and develop and launch technology for private, consortium and interchain business blockchain networks.
Adi Ben-Ari, Founder & CEO at Applied Blockchain, said: “Our experience as one of the earliest companies delivering blockchain solutions into production for both start-ups and corporates has provided us with a unique perspective on the value, and challenges, associated with the technology in the real world. The investments and partnerships will accelerate our growth and enable us to deploy our solutions to a truly global business ecosystem."
Johan Krebbers, Chief Technology Officer for IT at Shell Global Solutions International, said: "Blockchain applications have huge potential to shake up how we do things in the energy industry from streamlining process, to simplifying how we work with our suppliers and serve our customers. Investing in Applied Blockchain is part of our commitment to use digitalisation to create value in our core business and develop new business models.”
Remy Kesrouani, Fund Manager and Partner at Calibrate, who also participated in the investment round, said: “We believe in the long-term promise and process innovation that blockchain brings and believe Applied Blockchain is strategically positioned to lead in this space. We are particularly excited to partner with Shell and Applied Blockchain to innovate in commodity trading.”