DoxyChain is building a solution to shake up document management, making it more secure and fit for the web3 world. The Polish startup has just landed €2.2 million to supercharge its growth.
While document management might not immediately jump out as an area with interesting tech developments and innovation – it’s actually an area that has been in need of some digitalisation. Documents store valuable data that needs to be recorded and held securely, and companies, especially with the dawn of the web3 era, are increasingly looking for modern solutions.
Enter DoxyChain – a Polish startup creating a blockchain infrastructure for document management executed by smart contracts, with APIs for major enterprise applications and other blockchains.
Fresh funding to grow
The startup, which back in 2021 we reckoned was one to watch, has just raised €2.2 million from international investors.
The seed round was led by Level2 Ventures, a VC fund established by Adam Rudowski and Piotr Pawłowski. Other investors included CV VC, a Swiss VC fund specializing in blockchain companies, Polish Satus Starter, and a German family group of companies: Müller Medien.
The capital from investors will support further product development, team growth and foreign expansion – to the European and US markets.
Piotr Żelazko, CTO and Co-founder of DoxyChain: “We are now launching two new SaaS features. Working on our SaaS layer, we have observed that the scope of the use-cases is so broad that we cannot cover them all one by one. Instead, we can do better: we can build a modular infrastructure that allows our clients to develop their own tailored advanced workflows and use cases on top of it. Such an infrastructure will be our Seed milestone.”
New security standard for document management
Founded in 2019, DoxyChain’s digital contract management system records information securely in the blockchain. Once recorded, the data can’t be changed. Further, it’s only possible to update the data incrementally, giving a complete history of changes made. DoxyChain’s cloud-based storage system enables teams to manage documents simultaneously and access the platform via mobile devices easily.
Adam Rudowski, co-founder of Level2 Ventures fund: “The main economic value relies on process automation with smart contracts. Instead of building costly blockchain foundations software developers will focus on improving processes and user interfaces, leaving entire decentralization and automation to DoxyChain. Level2 Ventures is one of the first investors in the company. We strongly believe in the competencies of the management team and the technology they have created.”
The young startup is aiming to become a natural bridge between legacy Web 2.0 and Web 3.0, creating a new standard for security in document management. Until DoxyCHian, entities who wanted to use blockchain technology for documents had to build separate departments to create interdisciplinary teams comprising engineers, lawyers specializing in dispersed systems, developers, and persons in charge of compliance. DoxyChain will speed up those processes.
Looking to the next steps, Gabriel Dymowski, CEO and Co-founder of DoxyChain said: “In October, we are launching DoxyCert and DoxyConnect. DoxyCert is a toolkit that allows clients to issue blockchain certificates, also as NFTs, which will be used as undeniable proof of authenticity or ownership. A certificate is a specific type of a document that requires the highest level of security and transparency throughout its life cycle. The second major platform feature is DoxyConnect, which will serve like a data room. Built on the blockchain, it lets the parties of a document exchange transact in a secure and easy way never seen before.”
David Long, Director of CV VC added: “At CV VC, our mission is to identify the most promising minds, precursors, pioneers, and individuals who have successfully used the potential offered by blockchain. The DoxyChain team understands what it takes to build infrastructure between the old web 2.0 and web 3.0 with respect to document management. Its blockchain infrastructure allows true interoperability in web 3.0 and is also compatible with various existing web 2.0 solutions. Owing to this, DoxyChain can scale and implement smart contracts at corporations.”
via https://www.AiUpNow.com
September 6, 2022 at 08:25AM by contact@bcurdy.com (Patricia Allen), Khareem Sudlow
