Jack Ma-Backed Tech Firm Invests in Blockchain Startup Symbiont

Blockchain startup Symbiont has raised an undisclosed sum from Chinese software firm Hundsun Technologies.

By Stan Higgins

May 4, 2017 at 2:51 p.m. UTC

Updated Sep 11, 2021 at 1:17 p.m. UTC

Stan Higgins

Blockchain startup Symbiont has raised an undisclosed sum from Chinese software firm Hundsun Technologies.

Hundsun, according to data from Thomson Reuters, provides software services to financial institutions such as banks, brokers and exchange operators.

The firm is partly owned by Chinese billionaire Jack Ma, who founded e-commerce giant Alibaba, after Ma spent more than $500m in mid-2014 to buy a controlling stake, per reports at the time Past statements from Hundsun indicate that it has been looking to invest in financial technology startups since as early as January.

When reached, a representative for Symbiont declined to comment on the amount Hundsun invested in Symbiont. In addition to providing the funds, Hundsun will gain a board observer.

The partnership between the two firms will see Hundsun opening up Symbiont’s smart contract software to its Chinese customer base. In particular, the partnership will focus on "[streamlining] business processes in both public and private securities markets", according to Symbiont.

Guan Xiaolan, Hundsun's executive president, said in a statement:

"We selected Symbiont because of its superior, mature and highly differentiated DLT stack. Its data layer is protected by market-leading security and privacy solutions, and its smart contracts have a proven ability to automate complex business logic, such as highly tailored employee compensation waterfalls for private companies."

The investment comes just under two years after Symbiont raised $1.25m in seed funding.

Image Credit: UNclimatechange / Flickr

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.