London-based blockchain startup Luther Systems has raised $1.5 million in funding. The investors included Firstminute Capital.
LONDON, 8 March 2018: Luther Systems, the London based enterprise blockchain technology company, has secured $1.5m backing from an illustrious group of European investors ahead of its official launch.
Currently operating in stealth mode, Luther Systems uses its blockchain technology and smart contract based products to solve complex large-scale business inefficiencies across a wide spectrum of of industries and sectors. The new funding will allow Luther Systems to scale its product offering and support the company’s marketing and expansion efforts.
firstminute capital, the pan-European seedfund co-founded by Brent Hoberman
Henry Ritchotte, Former COO and Board Member, Deutsche Bank
Martin Bartlam, Global Co-Chair Finance & Projects, DLA Piper
Arnaud Massenet, founding partner Net-a-Porter Group and LUMA
Serge Chiaramonte, former Managing Director, Credit Suisse
Andrew Mullinger, Co-Founder, Funding Circle
Stephen Ciesinski, Private Investor and President, SRI International
Luther Systems was with the Founders Factory fintech accelerator programme and Henry Lane Fox, CEO and Co-Founder of Founders Factory, has joined as Board Director.
Co-founded in 2016 by Hossein Kakavand (PhD Stanford, ex-Funding Circle) and Sam Wood (Ex-Tesla and Apple engineer), Luther Systems have deep expertise in both enterprise systems and growing and scaling early-stage companies.
Henry Ritchotte, Angel investor and former Deutsche Bank COO, said:
“Blockchain Technology is changing the world of validation, verification, execution and storage within and across enterprise processes and enabling new applications we had not envisioned before.
“Luther has an exceptional team, innovative patented technology with clear commercial applications and a great pipeline of clients in the insurance, healthcare and government sectors around the world. I am excited to be supporting their business in the next stages of their growth.”
Hossein Kakavand, Co-Founder and CEO, Luther Systems, added:
“This investment illustrates the huge potential for the proprietary blockchain technology Luther Systems have built, which is applicable across a wide variety of sectors. We are excited to announce the projects we have been working on over the next few months, where our products are delivering real value to business critical operations. We look forward to growing and scaling our business and technology with this new support.”
Brent Hoberman, Co-Founder Founders Factory and firstminute capital, said:
“We’ve evaluated hundreds of investments in the blockchain space and believe that the proprietary modular infrastructure that Luther Systems are developing sets them apart from the competition.
“Their technology offers enterprise customers the fastest, most secure and scalable route to streamline complex business processes using distributed ledger technology. We are delighted to be supporting the team in this exciting period of growth.”
About Luther Systems
Luther Systems leverages blockchain technology to streamline enterprise business processes across a wide variety of industries and sectors.
Luther Systems was co-founded in 2016 by Hossein Kakavand and Sam Wood. CEO Hossein, completed his PhD at Stanford University, worked with JP Morgan developing quantitative strategies with the credit derivatives team, as a hedge fund quantitative Fund Manager at Soliton Capital, and participated in the expansion and development of the Capital Markets and Analytics Groups at Funding Circle. CTO Sam, was previously a software engineer at Tesla Motors where he led the development of enterprise systems for Global Service Operations, at Apple where he designed and built big data analytics services for the iTunes distributed services team and at Stanford Research Institute focused on building artificial intelligence based secure enterprise systems.
Luther’s proprietary modular architecture approach enables rapid development and deployment of end-to-end blockchain technology products. Luther focuses on delivering the benefits of this technology to business critical applications for companies around the globe.
Currently operating in stealth, Luther Systems are looking to use this funding round to focus on scaling its product offering and supporting the company’s marketing and expansion efforts.