Xinhu Zhongbao Co., Ltd have led the Hyperchain Technologies Co. Series B Funding round, contributing to a total of 1.5 billion RMB – or $234 million USD. This latest round of funding will be used to update core technology an focus on expansion of the product into other industries, including healthcare, logistics and government.
Hyperchain already provide their blockchain application services to a number of high-profile companies, including China UnionPay, Bank of Beijing and CZBank. According to the website [translated from Chinese]:
“Hyperchain consortium blockchain platform provides enterprise level blockchain network solutions for enterprise, government agencies and industry alliance, and meets the requirements of enterprise level applications in performance, permissions, security, reliability, scalability, maintenance and so on. Features of Hyperchain include high performance robust consensus algorithm, dynamic membership management and privilege control, dynamic data recovery mechanism, multi-level encryption mechanism, smart contract engine, platform monitoring and more.”
As Hyperchain provide the overwhelming majority of their business to Chinese financial institutes, the focus of their funding in other industries seems logical, but they may also look to provide more services outside of China as the next step in their ongoing expansion plan.