View all newsletters
Receive our newsletter - data, insights and analysis delivered to you

UK Startup Gospel Technologies is Salesforce’s First Blockchain Investment

Big hitters back enterprise blockchain challenger

By CBR Staff Writer

UK startup Gospel Technology, which uses blockchain to create a perimeter-less security infrastructure for inter-company data sharing, has won £5 million in Series A funding from Salesforce Ventures – the VC arm of the leading CRM software company.

The funding round represents Salesforce Ventures’ first blockchain investment.

Gospel Technology was also backed in the round by IA Ventures, an early stage venture caputal firm based in New York City.

Gospel Technology

 

It came as Gospel, founded in 2016, said it has started working with a major “UK-based global aviation and defence company” to address parts traceability and export control compliance.

Gospel Technology, was founded by CEO Ian Smith, the entrepreneur behind data analysis and migration company, Butterfly Software, which was acquired by IBM in 2012. (He previously worked as a storage architect for Hitachi Data Systems, Deutsche Bank and a “storage transformation consultant” at Dell).

Content from our partners
Unlocking growth through hybrid cloud: 5 key takeaways
How businesses can safeguard themselves on the cyber frontline
How hackers’ tactics are evolving in an increasingly complex landscape

It uses a private permissioned blockchain – using the practical Byzantine Fault Tolerance (pBFT) consensus mechanism –  to build a flexible mechanism for sharing data between companies and their supply chains.

The company notes in a recent blog: “Even using a private blockchain – in many systems the control parameters are binary – you are either allowed to see all the data or you are not. Much like using secure sharing tools – all the data is exposed instead of only that which is authorised and required for the particular request. With Gospel, everyone maintains control of their own data, whilst allowing granular access only to relevant information for other parties in the value chain.”

Teresa Cottam Chief Analyst at Omnisperience said in an emailed release: “What’s getting people excited about Gospel is that it has the potential to change enterprises’ relationship with their data. It does this by bringing to market a breakthrough idea that fixes one of the biggest dilemmas of the Digital Economy: how to enable collaborative and flexible working without compromising on trust and security.”

She added: “In fact, one of the most surprising things about Gospel is why hasn’t somebody done this before?”

See also: PwC Blockchain Report: 65 (Distributed) Ways to Save the Planet

Gospel Technology will use the investment to expand its sales, marketing and partner programs, as well as continue the development of its data collaboration platform and integration across existing and new applications and infrastructure.

“Salesforce Ventures looks to invest in the most innovative enterprise companies globally,” said Alex Kayyal, Partner at Salesforce Ventures. “We are excited to support Gospel’s vision of advancing enterprise data sharing through blockchain, and we look forward to having them work more closely with our customers.”

Gospel CEO Ian Smith said: “Having IA Ventures and Salesforce Ventures join us at this point in our journey is an honour and extremely exciting.”

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
THANK YOU