Overstock’s Medici Ventures Leads $7 Million Round for Blockchain Voting Startup
Blockchain-based cellular voting system Voatz has increased $7 million in a Series A round led by Overstock’s Medici Ventures and Techstars.
Urban Innovation Fund and also Oakhouse Partners also participated in the financing, based on a statement supplied to CoinDesk Thursday.
Voatz stated it may use the investment to develop the usability and accessibility of its own platform, and to improve security as it builds new pilots in partnership with cities, states and”select foreign jurisdictions.”
The startup’s program utilizes blockchain technology to permit voting in various kinds of elections utilizing a”bonded” smart apparatus.
Most recently, Voatz ran a pilot campaign with town and county of Denver, Colorado, to present an alternate to post-based absentee voting for deployed military personnel and abroad US citizens throughout the 2019 civic elections. The company said the pilot has been concluded successfully before this week.
annually, in addition, it held a similar pilot 24 counties in West Virginia for its 2018 midterm elections — the first time that blockchain-based cellular unemployment had been applied at a U.S. federal election, based on Voatz.
Jonathan Johnson, president of Medici Ventures, stated:
“Voting is a fantastic program of blockchain technology. What Voatz is performing to permit more registered Republicans to participate in elections in a safe and protected way is vital. It bodes well for much more widespread adoption of this Voatz program. That is 1 reason we have increased our investment in the business by directing this Series A round.”
Voatz’s program uses biometrics, encryption and blockchain technology to enable secure and auditable voting, according to the announcement. The company has also previously helped voting occasions held by political parties, parties, labour unions and nonprofits.
“Voatz has the capacity to revolutionize how we vote. By giving access through a mobile device, Voatz can radically increase citizen involvement, and the business is dedicated to ensuring everybody votes securely and safely,” said Julie Lein, managing partner in Urban Innovation Fund.
Voting picture via Shutterstock