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Just-launched blockchain technology startup Horizen Labs has raised $4 million in a seed funding round.

Participating in the round were VC  Digital Currency Group (DCG) and Liberty City Ventures, as well as other independent investors.

The U.S.-based startup had initially been looking to raise $2 million, but ultimately received double its amount, it said in an announcement Thursday. The firm – an entity spun off of Horizen (formerly ZenCash) – was officially launched yesterday.

Horizen Labs said it will build “inexpensive, time-efficient, and customizable” blockchain solutions for businesses with the investment. The firm offers a proprietary sidechains-as-a-service platform it says removes the need for entities to spend their resources on development and allows for quicker deployment of existing systems using pre-built functional sidechains.

Horizen Labs CEO Robert Viglione said:

“We have seen considerable demand from customers and businesses for custom blockchain solutions that are not expensive and time-consuming to build.”

“Through Horizen Labs’ proprietary Sidechain-as-a-Service platform, we aim to let companies benefit from the high-level security of Horizen, a privacy-focused blockchain platform with the largest node network in the industry,” he added.

Horizen said it will pilot design partnerships with third-party businesses seeking to implement blockchain into their . To that end, the firm is working with design partners in different business areas in order to bring its first sidechain solutions to .

DCG founder and CEO Barry Silbert said Horizen provides “a seamless way for businesses to incorporate customized digital ledger technology into their operations, removing a significant barrier to blockchain adoption and advancing the industry as a whole.”

Last month, Digital Currency Group also invested an undisclosed sum in cryptocurrency futures CoinFLEX.

Piggy banks image via Shutterstock





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