Israeli blockchain startup Clear has raised $13 million in a Series A round led by Fidelity-backed Eight Roads.
Clear which develops blockchain networks for high-volume transaction systems between businesses announced the round’s completion in a statement via TechCrunch on Feb. 5.
Eight Roads is a global venture firm that originates in Fidelity’s first investment business, Fidelity Ventures.
Other participants in the Series A for Clear were the venture funds of several global telecoms leaders: Spain’s Telefónica Innovation Ventures, the Telekom Innovation Pool of Germany’s Deutsche Telekom, Hong Kong telco HKT and Singapore’s Singtel Innov8.
Telecoms is Clear’s first sectoral focus in its development of a blockchain and smart contract-driven transaction network designed for cross-border business to business (B2B) payments.
The use of the blockchain ensures that all these B2B transactions are auditable and secured by cryptography, with data consistent and in-sync for all parties involved.
Hochberg has claimed that the network is ostensibly capable of processing “hundreds of millions of billable events,” based on internal testing.
Clear anticipates entering full carrier-grade production in H1 2020, with the aim of expanding beyond telcos with the help of yesterday’s Series A.