Factom Inc, the for-profit entity seeking to facilitate commercial business conducted on blockchain recordkeeping project Factom, has raised $400,000 in new seed funding.

The investment was provided by Kuala Innovations, which purchased a 3.64% stake in the company for 400,000 Seed Series Shares at $1 per share. According to a statement by Kuala, the investment gives Factom Inc a pre-money valuation of $11m.

In statements, Kuala co-chairman Jim Mellon stated that he believes Factom has the potential to "revolutionize" how companies process and store data, thereby solving "real commercial issues" facing enterprise businesses.

Mellon said:

The release finds Factom using language that positions its 2015 crowdsale as one that resulted in the sale of $1.2m in software licenses distributed in the form of native tokens (Factoids) on the Factom blockchain. Factom launched its crowdsale in April, ultimately selling 2,278 BTC (roughly $540,000 at the time) in Factoid tokens to users.

Project representatives have stated that further token sales were made in sales to private investors, for a total of 1,500 purchases. Factom Inc, which operates separately from the Factom Foundation which oversees development, raised $1.1m in an equity crowdsale in July.

The investment is the second made by Kuala in the bitcoin and blockchain sector, following a December decision to provide bitcoin micropayments startup SatoshiPay with €160,000 ($183,000) in funding.

Blockchain investment firm Coinsillium, which counts Factom Inc among its portfolio companies, reported it facilitated the deal.

Image via Factom