New York-based Mediachain has become the latest blockchain startup to join the portfolios of VC heavyweights Andreessen Horowitz and Union Square Ventures. The two firms announced today that they led a $1.5m seed round for the digital media startup. RRE Ventures, Digital Currency Group and LDV Capital also participated in the round, as did angel investors Alexis Ohanian, William Mougayar, Kanyi Maqubela, David Lee, Mathieu Drouin and Brian Message.
The funding comes four months after the launch of Mediachain’s core product, a metadata protocol that envisions content creators timestamping their work to the bitcoin blockchain while also storing it with the InterPlanetary File System (IPFS).
Source: A16z, USV Lead $1.5 Million Round for Blockchain Startup Mediachain – CoinDesk