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Sri Lanka blockchain start-up gets venture capital from Japan

ECONOMYNEXT – Tracified, a Sri Lanka-based start-up which is developing a blockchain based solution to track supply chains has received funds from a Japanese venture capital firm to take it forward, officials said.

Tracified was backed by 99x Technologies, a Colombo-based technology firm and StartupX Foundry, a technology accelerator.

Co-founder of Tracified, Dileepa Jayathilaka said Japan-based 360ip Company has invested an undisclosed sum in 20 percent of Tracified.

“While we have built many award-winning products during the past 10 years through our cutting-edge research, Tracified is the first product we have successfully commercialized with an international partnership, providing us both funding and market access.” Jayathilaka said.

Tracified says its public blockchain solution allows authentic sellers to prove the quality of their produce to the intended market.

It can be used by any participant in a supply chain to share information with other participants including end-consumers, in a credible way via public blockchain.

Blockchain technology enables data to be held in distributed public ledgers in a secure and encrypted way and ensure that transactions can never be altered.

Japan’s 360ip was jointly established by Innovation Valley Partners (of where) and Batelle Venture, which is linked to a large non-profit research and development commercialization organization.

In 2017, 360ip Japan launched Japan Fund I with an initial commitment of 1.0 billion yen.

“360ip has a focus on investing and developing advanced science and technology ventures on a global scale,” 360ip Japan Chief Executive Officer, Asashi Fujimori said in a statement issued by the Tracified.

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Although Sri Lanka’s potential in developing advanced ICT services and products is known to many, only a very few early-stage technology startups survive beyond seed round, due to the lack of a well-established venture capital financing framework with an effective technology commercialization methodology.”

Fujimori said 360ip wants to supporting promising startup ventures to develop their technology and expand their business beyond Sri Lank (Colombo/Aug 17/2020)