The South Korean blockchain company Temco has received financial support from one of the country’s leading venture funds, Korea Investment Partners (KIP), Temco said in a statement on Monday. The amount of money raised was not disclosed.
KIP backed Temco because of the potential in distributed ledger technology (DLT), Jong Hyun Kim, Fintech Investment Board Member of KIP explained in the press release. Temco is one of the several new players that want to build supply chain systems by using blockchain. Temco plans to implement the proof-of-work (PoW) protocol, the algorithm of Bitcoin (BTC).
“Due to the apparently disorganized nature of existing supply chain management systems revealing the reality of serious limitations in crisis management, the need for transparency and systemization of supply chain processes is becoming increasingly clear,” Temco said in the project white paper.
“They [consumers] want to purchase products that have come through a trustworthy supply chain process. Moreover, companies also want to elevate trust in their products and enhance their level of service to allow for more efficient management capabilities.”
To achieve similar goals, Temco has raised money from several investors including Deblock, Blockchaini, TLDR Capital, and Bitcoin smart contract platform RSK. However, the undisclosed funding from KIP is the most significant as the investment company is one of the leading South Korean venture funds. KIP manages over 20 funds with the size of $1.5 billion and has backed startups in various countries like the US and China.
Several months ago, Korea Investment Partners participated in the $100 million funding of the cryptocurrency brokerage eToro and gave $10 million to the DLT company ONO Social.