Artory, a distributed ledger technology (DLT) powered art registry that claims to track provenance of art and valuable collectibles, has raised $7.3 million in its Series A funding round and it says the funds will be used to improve data integrity, functionality and other areas of its business, according to a report by The Art Newspaper on April 22, 2019.
Artory Moving Higher
Per sources close to the matter, Artory, a leading blockchain-based art registry has raised $7.3 million from highly reputed investors including 2020 Ventures, venture capital and angel investment fund that has poured in huge funds into several fast-growing companies such as Spotify.
Commenting on the success of the latest funding round, Nanne Dekking, the founder of Artory and chairman of the board of The European Fine Art Fair (Tefaf), reportedly made it clear that the funds will be used to improve data integrity and general functionality of the Artory platform.
In his words:
“We’re not just making a list of reported sale prices like Artnet’s database, we are developing a platform that has to be vetted, accurate and easily searchable to show the depth of information behind every artwork. Our product is not just the platform itself- it’s data integrity, and that takes time and money.”
Other notable investors in Artory’s Series A funding round include Hasso Plattner Capital, the investment firm established by Hass Plattner, a German businessman that is also the co-founder of SAP SE software company.
Revolutionizing the Art World with DLT
$7.3 million may not be an eye-popping sum in the world of venture capitalism, the funding, however, goes a long way to show that investors firmly believe that blockchain technology could potentially revolutionize the art ecosystem.
Whilst financial technology (FinTech), supply chain, healthcare and several other sectors of the global economy are busily exploring the capabilities of the nascent technology, firms like Artory, Verisart, Codex Protocol and others are also doing great works with DLT in the art industry.
As reported by BTCManager in March 2019, Artory acquired Auction Club, the world’s leading art information repository, for an undisclosed amount and the acquisition will make it possible for all the latter’s critical art-related data to be stored on the former’s immutable distributed ledger.