Luther Systems secures $1.5M from Firstminute for its ‘modular’ blockchain

Luther Systems, the London based enterprise blockchain technology startup founded in 2016 by a former Stanford PhD and ex-Tesla and Apple engineer, has secured $1.5m seed round back in a round led by Firstminute Capital. The startup says it employs blockchain and smart contracts to solve complex large-scale business inefficiencies across number of industries.

The company also has a host of Angel investors. They include Henry Ritchotte, former COO and board member, Deutsche Bank; Martin Bartlam, global co-chair finance and projects, DLA Piper; Arnaud Massenet, founding partner Net-a-Porter Group and LUMA; Serge Chiaramonte, former MD, Credit Suisse; Andrew Mullinger, co-founder, Funding Circle; Stephen Ciesinski, private investor and President, SRI International.

Firstminute capital co-founder Brent Hoberman commented: “We’ve evaluated hundreds of investments in the blockchain space and believe that the proprietary modular infrastructure that Luther Systems are developing sets them apart from the competition. Their technology offers enterprise customers the fastest, most secure and scalable route to streamline complex business processes using distributed ledger technology.”

Luther Systems previously went through the Founders Factory fintech accelerator programme set up by Hoberman and Henry Lane Fox, CEO, who now joins the board. It was co-founded in 2016 by Hossein Kakavand (PhD Stanford, ex-Funding Circle) and Sam Wood (an ex-Tesla and Apple engineer), Luther Systems.

Hossein Kakavand, Co-Founder and CEO, Luther Systems, says: “We are excited to announce the projects we have been working on over the next few months, where our products are delivering real value to business-critical operations.” He says the company has built a patented modular or ‘building block’ platform which can be adapted across different industries eg. health, govt, legal etc.