Bitcoin startup Ledger has raised $7m in a brand new Series A funding spherical.
The spherical was led by MAIF Avenir, an arm of French insurance coverage big MAIF. Others participating within the Series A spherical embody Xange, Wicklow Capital, GDTRE, Libertus Capital, Digital Currency Group, The Whittemore Collection, Kima Ventures, BHB Network, and investor Nicolas Pinto.
Ledger, which makes for customers to retailer and keep management over their cryptocurrency non-public keys, plans to make use of that funding to broaden its attain into the enterprise market. Notably, the startup intends to open a brand new manufacturing facility in China as a part of its push, with an eye fixed on a launch someday within the subsequent few months.
Co-founder Eric Larchevêque advised CoinDesk:
“We hope that everything will be operational in May.”
The new spherical comes greater than two years after Ledger raised €1.3m in seed funding. In that point, the startup has moved to launch wallets that assist different cryptocurrencies and, in November, launched the Ledger Blue, a departure from its earlier thumb drive-style aesthetic.
Ledger now plans to broaden its attain into the enterprise area, with an eye fixed to convey bigger firms into its buyer base – Larchevêque mentioned he hopes to have the primary beta prospects in place by the tip of June. The startup can be trying to develop its gross sales figures for the yr, aiming to promote 100,000 items in 2017.
MAIF, which led the spherical, mentioned it invested within the startup as a way to contribute to extra confidence and safety in cryptocurrency transactions.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an possession stake in Ledger.
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