India's Shardeum, a Blockchain technology-focused startup, recently completed an 18.2 million USD seed funding round with a valuation of 199 million USD.
Founders And Background
Shardeum was founded by Deepak Dhabhai and Hitesh Malviya in 2017. They are both technology professionals, who have extensive experience in Blockchain related technologies, development and deployment.
Shardeum is focused on building efficient and secure distributed ledger technologies. It provides organizations with custom Blockchain solutions, thus ensuring they can leverage the technology in the best way possible. Additionally, Shardeum has built its own distributed ledger platform that can be used by businesses.
Funding And Valuation
Shardeum's 18.2 million USD seed funding round, which was led by Lightspeed Ventures India, saw investors such as Paragon Ventures, Ashish Dave, Satyalack Ventures and Mohit Bhatia participate.
With its latest funding round, Shardeum's valuation skyrocketed to 199 million USD, which is a major milestone for a relatively young company.
Future Plans
With the new fundings, Shardeum plans to expand its team and accelerate its pace of product development. Additionally, the company has expressed a strong interest in the Indian market and plans to use the funds to expand its business in India and other countries.
They also hope to leverage the funds to build a larger customer base, by creating more advanced Blockchain-based products as well as providing better customer service and support.
Conclusion
Shardeum's 199 million USD valuation is a major milestone, which shows the trust and confidence in the potential of the company's technology. With its plans to use the funding to expand its team, product development and customer base, Shardeum looks poised to become one of the top Blockchain players in the region.