Wanglu founded by ex-Factom CTO Closed 10m Seed Funding

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Categories:Blockchain

Blockchain startup, Wanglu Technology, announced completion of RMB 10m seed funding backed by Dahe VC and Fenbsuhi VC. Jack Lu, Founder and CEO of Wanglu Technology, said the capital would be used to expand the crews and marketing efforts. Customized blockchain solution will be developed on Wanglu blockchain platform for selected enterprises among different industries. These solutions will serve as pilot programs.

Founded in July 2016, Wanglu Technology is a blockchain solution provider,  focusing on blockchain bottom layer development of record-keeping, digital assets, supply chain finance technology and industry solutions for enterprises, financial institutions and government departments.

Wanglu founded by ex-Factom CTO Closed 10m Seed Funding

Jack Lu Founder and CEO of Wanglu Technology

Lu has been obsessed with blockchain since he tumbled into Bitcoin in 2012.

It was like destiny, I became indulged in blockchain like those maniac anarchists in USA.

Together with David Johnston and Bo Wang , he founded Factom as CTO and Chinese Marketing Director. Factom set its goal to utilize blockchain to revolutionize the data management and record-keeping of modern business and government sectors. Factom received 4.2 million USD in its A round funding led by Tim Draper.

Bo Wang, ex-Factom Co-founder and Engineering VP , is CTO of Wanglu Technology. Lu and Wang graduated from Beijing University. Lu earned master degree of economy and computer in Ohio State University, Wang earned master degree of Information Management in University of Michigan. Both of them has over 20 years of experience in software development and startup management.

Lu told hiswift that the Wanglu technology had been implemented on Factom, which was used by financial institutions to trace money transaction, real estate registry, mortgage loans etc. American federal government also use the technology to log and monitor the access records in custom and ports. After returning to China, Wanglu has communicated with many internet financial institutions and reached preliminary cooperative relations on digital assets issuance and transaction, digital contracts and third party notarization of legal documents. Meanwhile, Wanglu also reached many enterprises to discuss potentials on developing trade finance, supply chain traceability etc.

With years of blockchain development experience in America, Wanglu’s advantage is to integrate the cutting edge technology with Chinese demands to build bottom layer platform. For industries that blockchain can play a significant role, Wanglu can work with industry experts on application structure design and a guideline on implementation with the elements of bottom layer platform, POC construction and plans.

Li Rong’ge, Partner of Dahe VC, said:

The Market prospectus for blockchain technology is borderless, Wanglu team is boasted to have strong technical background and the rare practical implementation experience within the industry. The roadmap that the team embarks on is in line with Chinese market characters.

Bo Shen, Partner of Fenbushi Capital:

Lu and Wang are co-founders of Factom and leader of the technology and products. Their experience in developing software in America for the last two decades is the key to the success of blockchain apps that suit the market demands. Factom is one of the real practical use case of blockchain on a global scale. The achievement of the team in China has been widely acknowledged.

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