Clear Secures Funding to Drive Blockchain Innovation
Clear, an innovative Israeli blockchain startup, has successfully raised a hefty $13 million in a Series A funding round, with the investment led by Eight Roads, a global venture firm rooted in Fidelity Ventures. Announcing the completion of this funding on February 5 via TechCrunch, Clear is poised to leverage this financial boost to enhance its blockchain networks, primarily focusing on high-volume transaction systems for businesses.
Star-Studded Funding Round
The impressive capital injection attracted several notable participants in the tech world, including major telecom players such as Spain’s Telefónica Innovation Ventures, Deutsche Telekom’s Telekom Innovation Pool, Hong Kong’s HKT, and Singapore’s Singtel Innov8. With such formidable backing, the prospects for Clear are as bright as the Israeli sunshine.
Telco Giants Eye Blockchain for Transactions
Clear’s main focus is on the telecommunications industry, utilizing blockchain technology to create a smart contract-based transaction network designed to facilitate seamless cross-border B2B payments. This isn’t just corporate jargon; Clear’s co-founder, Gal Hochberg, emphasizes how smart contracts provide a powerhouse solution for managing complex international transactions, stating:
“Smart contracts create a trusted view of the true status of the relationship within the company’s business partners.”
Enhanced Audibility and Security
One of the standout features of Clear’s innovations is the use of blockchain, which ensures that all B2B transactions remain auditable and fortified by cutting-edge cryptography. It promises data consistency and synchronization across all parties involved. Hochberg boasts that their platform is capable of processing “hundreds of millions of billable events,” a claim anchored in rigorous internal testing. Talk about ambitious!
Looking Ahead: Full-Scale Production on the Horizon
Clear is not resting on its laurels. The company is gearing up for what it describes as full carrier-grade production in the first half of 2020. Their sights are set on expanding beyond the telecommunications sector, all thanks to the recent funding round that paves the way for broader horizons.
Blockchain’s Growing Presence in Telecoms
This recent activity highlights a growing trend within the telecommunications industry, where blockchain applications are gaining significant traction. For instance, Telefónica teamed up with the Association of Science and Technology Parks in Spain to grant access to its Hyperledger-based blockchain for about 8,000 firms. Meanwhile, South Korea’s Union Mobile revealed its blockchain project, ELYNET. On top of that, the Enterprise Ethereum Alliance published an overview of blockchain use cases in telecommunications, further solidifying this tech’s influence.
