International Trust Machines Corporation (ITM), a Taiwan-based blockchain startup, received pre-A round funding from MediaTek.
The company plans to use the new funds for product development targeting B2B users.
ITM provides blockchain solutions mainly for B2B users. The company’s blockchain solutions enable B2B users to easily attest data, without changing current system, for the purpose of other entity to validate the data anytime, anywhere.
The ITM software development kit (SDK) will be easier to adopt across applications, include a multi-blockchain engine integrable with other blockchain solutions such as IBM Hyperledger, R3 Corda, and JP Morgan Quorum, handle a higher level of data input, and include more flexible options, including a pay-as-you-go solution.
“Applying blockchain to large amount IoT is impossible unless one can solve scalability issues without compromising security. This is what ITM can offer and we have already built our solution on MediaTek’s MT3620, which runs Microsoft Azure Sphere OS. With Azure Sphere certified MT3620 and Microsoft Azure cloud service, we are able to find the missing puzzles for cloud-to-edge security and enhance ITM’s solution for IoT,” said Julian Chen, CEO and co-founder of ITM.
The company is currently working with Microsoft, Qualcomm, and Taiwan Mobile.