Artory – a blockchain art registry startup, has raised over $7 million in a Series A funding round from major investors. One of these investors is the private investing company 2020 Ventures, which backed audio streaming platform Spotify, American logistics Postmates and luxury goods resale platform The RealReal.
According to the project founder Nanne Dekking, this fund will be used for data entry improvement and platform’s functionality development. Dekking said that: “they are building something that has to be vetted, accurate and easily searchable to show the depth of information behind every artwork.”
Moreover, the 2020 Ventures representatives – David Williams, revealed a positive chance for the platforms to “open large markets to a broader range of participants and transactions.”
The Artory’s platform is a ledger which allows users to track for the origin and the data title, as well as the artwork sales records on the mainframe. In late March, Artory acquired the Auction Club, a database sales company from more than 4000 international auction houses, as a move for making around 250 businesses data in 40 countries public for the first time.
In October 2018, Artory together with Christie’s auction house proposed a pilot plan for applying blockchain technology to provide information and certificates of purchases to buyers.