The blockchain firm, Gapless, received $5.9 million (€5.5 million) in a funding round from different tech companies, including one of the world’s leading automobile manufacturers, Porsche. The Berlin-based blockchain startup is building the first-ever platform for vehicle management by deploying blockchain technology.

Porsche: Financial Backer of Gapless

Porsche remained the “strategic partner and financial backer” of Gapless since its creation in 2018. Now the car manufacturer is again helping out the startup in developing a blockchain-based platform for vehicle traceability and management. In this funding, FinLab EOS VC Fund also participated as reported by Tech.eu on April 29. FinLab EOS VC Fund is a venture developed by FinLab and Block.one that is trying to introduce Blockchain technology at the global level. An insurance entrepreneur Kersten Jodexnis is the third contributor in making a $5.9 million fund.

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Stefan Schütze, the managing director at FinLab EOS VC Fund, said:

“We are pleased to welcome Gapless as a new investment in our portfolio. Gapless shows how blockchain technology can change services from the ground up – and always thinks from the user’s perspective.”

While talking to a crypto news outlet, Porsche said:

“We evaluated and piloted several blockchain-based solutions. Blockchain can be a potential benefit for any trust-based interactions that requires a decentralized approach.”

The company further added by saying that they are “constantly looking into and investing in future technologies and will evaluate case by case if such products or services can be deployed by Porsche to enhance the customer experience.”

Application for Car Management

Gapless has already developed an app having the capability to store all data about a vehicle for better management. The main purpose of the Berlin-based startup to collect funds is to take the project to the next stage by deploying software on EOSIO, the blockchain developed by Block.one.

The blockchain company Smart Sight Innovation, based in India, launched an app to track and inspect data about a vehicle, and users can share information with each other by using this app.

Many automobile tech companies are spending on this DLT technology to ensure trustability, traceability, and transparency in a company’s management and supply chains.

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