Hedera Hashgraph has raised 100 million dollars in its new funding round. Mance Harmon who is a co-founder and CEO at the company noted that the funding is intended to complete developing a planned smart contract platform, develop a toke and finally file a storage system. Harmon added that the company could raise a further 20 million dollars through an ICO which will be open to accredited customers only.
Harmon, however, declined to mention the investors who raised the 100 million dollars. The CEO, however, noted that Ari Paul of Blocktowel participated. He also added that employees of Hedera contributed about 10 percent of the total amount. He added that all the collected funds will be used to improve the company’s public ledger adding that:
“we are working towards addressing problems which have been on the market which have been preventing people from adopting the public ledger technology. We are already working on four categories of this technology.”
The recent 100 million dollar raise has added to the 10 million dollars raised through a private token in March this year. During the march the raise the company had noted that it had partnered with game developer MZ to create distributed applications which would run on the company’s platform.
Hedera has joined the growing number of companies which are raising funds through ICOs to support their projects. Funding is the easiest way to raise funds even though it’s very risky. Many people have benefited from such projects which others have lost funds. It’s estimated that less than 20 percent of ICOs succeed. More to that it was proven that more than 50 percent of ICO projects fail with 3 months after the conclusion of the funding. Governments have decided to regulate the ICO market with some like China opting to ban the market completely.