The American automobile giant General Motors is leading the $23 million seed funding round for blockchain start-up Spring Labs. This is the company’s first foray into the world of decentralized technology, which we touted to be a thing of the future.
Spring Labs is a start-up which aims to provide blockchain based solutions for fraud protection, especially for identification related frauds. The start-up will specifically work towards helping the auto finance industry. Commenting on the participation from General Motors, Adam Jiwan, CEO and Co-Founder of Spring Labs said,
We’re excited to expand our relationship with GM Financial, which has demonstrated its commitment to innovation and collaboration over the past year, playing an active role in the evaluation of products and use cases on the Spring Protocol.
Jiwan further added that the funding would enable Spring Labs to accelerate the development of new products as well as the Spring Protocol. The initial blockchain based products to come out of the funding will Spring Verify, which would enhance identity verification, Spring Protect, focused at preventing loan stacking, and Spring Defence m, which will help in monitoring and mitigation.
With offices in Chicago and Los Angeles, Spring Labs was incorporated in 2017. It was founded as a tech start-up, built on the Spring Protocol. Spring Protocol is a DLT network which facilitates valuable exchange information within the network, without compromising on source data privacy. Other investors in the seed funding round were August Capital, RRE Ventures, Galaxy Digital, Multicoin Capital, The Pritzker Group, and CardWorks.
Chief Strategy Officer at GM Financial, Michael Kanarios said,
GM Financial is excited to deepen its relationship with Spring Labs, and we look forward to the launch of the Spring products as we believe they have the potential to better protect our customers from fraudulent activity.”