Rivtower Technology, a blockchain infrastructure development and service enterprise, announced on July 15 that it had completed a Pre-B round of financing worth several millions of yuan, led by Security Capital. Previous shareholders like Greater Bay Area Homeland Development Fund and CMB International continued to invest in this funding round.
Together with the A + round of financing of Hengdi Capital last year, Rivtower has secured over 100 million yuan ($14.8 million).
This round of financing will be used for the R&D of the company’s core technologies, creating Web3 tool components suitable for the service industry, and promoting the interconnection between partners and the new digital economy infrastructure.
Rivtower has applied for more than 180 invention patents in the fields of consensus algorithms, intelligent contracts and privacy protection. It has already developed the first open source blockchain kernel for enterprises in China and the world’s first cloud-native blockchain development framework – CITA-Cloud. RivSpace, a cloud native blockchain management platform, and RivTrust, a blockchain application management platform, were also developed by Rivtower.
Rivtower has always been optimistic about the development of Web3 in China, and believes that Web3 will make the Internet more open, inclusive and secure. With this opening of the new Web3 environment, the digital industry will be better served in regard to its data property rights, circulation transactions, income distribution and security governance.
Wang Xiaoliang, founder and CEO of Rivtower, spoke about the company’s efforts: “The core production factor in the Web3 era is data. Blockchain is the key basic technology to give full play to the characteristics of data. In the future, Rivtower will work with regulators, customers and ecological partners to build a reliable, safe and market-oriented infrastructure suitable for data.”