Samsung-backed blockchain startup Blocko raises $7.5M Series B+

Blocko, a Samsung SDS-backed blockchain infrastructure provider based in Korea, has raised 9 billion won (~$7.5 million) in a Series B+ funding round.

Korea's major banks such as Shinhan Bank and KEB Hana Bank participated in the round, according to an announcement Thursday. Top Korean entertainment company Big Hit Entertainment and LB Investment (formerly Nexon's firm) also invested in the startup as their first blockchain investment.

Founded in 2014, Blocko provides blockchain solutions to enterprises and governments. Its recently launched solution, Aergo Enterprise, is being used by over ten companies, including Korea Exchange, Shinhan Financial Group and Hyundai Motor Group.

"We will also showcase various blockchain-based solutions that can be utilized in the smart grid field, where it was difficult to implement effective business models with existing information (IT) infrastructure through collaboration with various corporate customers and institutions," said Blockco CEO, Kim Won-beom, in Thursday's announcement.

Samsung SDS invested an undisclosed amount in Blockco as early as in 2016, "to support commercialization of emerging blockchain technology in various sectors including IoT [Internet of Things].”