Polish startup DoxyChain raises €2.2m early seed funding to expedite security in document management
DoxyChain, a Polish startup building a solution for traditional document management transition to web 3.0 world, announced it has raised €2.2 million from international investors to power its growth.
The early seed round was led by Level2 Ventures, a VC fund established by Adam Rudowski and Piotr Pawłowski. Other investors included CV VC, a Swiss VC fund specializing in blockchain companies, Polish Satus Starter, and a German family group of companies: Müller Medien. The capital from investors will support further product development, team growth and foreign expansion to the European and US markets.
Piotr Żelazko, CTO and Co-founder, DoxyChain: “We are now launching two new SaaS features. Working on our SaaS layer, we have observed that the scope of the use-cases is so broad that we cannot cover them all one by one. Instead, we can do better: we can build a modular infrastructure that allows our clients to develop their own tailored advanced workflows and use cases on top of it. Such an infrastructure will be our Seed milestone.”
DoxyChain aims to become the best global infrastructure for documents, combining traditional frontends with web 3.0 features. DoxyChain was looking for investors who, on the one hand, have an excellent understanding of the blockchain technology itself, and on the other, know the B2B enterprise solutions market well.
Gabriel Dymowski, CEO and Co-founder, DoxyChain: “In October, we are launching DoxyCert and DoxyConnect. DoxyCert is a toolkit that allows clients to issue blockchain certificates, also as NFTs, which will be used as undeniable proof of authenticity or ownership. A certificate is a specific type of a document that requires the highest level of security and transparency throughout its life cycle. The second major platform feature is DoxyConnect, which will serve like a data room. Built on the blockchain, it lets the parties of a document exchange transact in a secure and easy way never seen before.”
Adam Rudowski, Co-founder, Level2 Ventures fund: “The main economic value relies on process automation with smart contracts. Instead of building costly blockchain foundations software developers will focus on improving processes and user interfaces, leaving entire decentralization and automation to DoxyChain. Level2 Ventures is one of the first investors in the company. We strongly believe in the competencies of the management team and the technology they have created.”
So far, the entities who wanted to use blockchain technology for documents had to build separate departments to create interdisciplinary teams comprising engineers, lawyers specializing in dispersed systems, developers, and persons in charge of compliance. DoxyChain will speed up those processes.
David Long, Director, CV VC: “At CV VC, our mission is to identify the most promising minds, precursors, pioneers, and individuals who have successfully used the potential offered by blockchain. DoxyChain team understands what it takes to build infrastructure between the old web 2.0 and web 3.0 with respect to document management. Its blockchain infrastructure allows true interoperability in web 3.0 and is also compatible with various existing web 2.0 solutions. Owing to this, DoxyChain can scale and implement smart contracts at corporations.”
DoxyChain startup was established in 2019 by a small group of blockchain technology enthusiasts. Now, the team includes over 15 people and keeps actively hiring.