International Trust Machines Corporation (ITM), an award winning Taiwanese blockchain solutions provider, has recently received pre-A round funding from global leading IC design house MediaTek.
The investment into ITM adds to the international recognition of the blockchain firm which focuses on the integration of blockchain and the Internet of Things. The company’s efficient and competitively priced blockchain software development kit (SDK) can be easily ported on low-level IoT chips and is secured with a fingerprint on blockchain.
“With MediaTek’s funding, we are planning to take our brand to the global stage due to the rising overseas interest in our solutions. Since we only set up a year ago, most of our on-going projects are domestic. With the surge of demand for our products among the global partners, we are planning to expand our business overseas and hopefully establish more strategic partnerships to allow more people to benefit from our product,” said Julian Chen, CEO and co-founder of ITM.
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ITM is also planning on using the funds for product development targeting B2B users. This will mainly be focused on developing the next generation of ITM’s SDK which 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
- include more flexible options including a pay-as-you-go solution
Chen attributes the company’s fast-growing success to its cutting-edge technology.
“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 Chen.
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ITM’s achievements are recognised worldwide. It has won several industry and innovation awards, including Meet Taipei 2019 and Qualcomm Innovate in Taiwan Challenge 2019. Moreover, an ITM partnership project has recently been shortlisted for the 2020 Global Mobile Awards at MWC, the world’s largest wireless communication exhibition.
This investment into a blockchain startup signifies the growing importance of blockchain in various industries. For example, technology enterprises are using blockchain to build Internet of Things (IoT) infrastructures. As a result, this accelerates the development of trust in the era of IoT.
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