London-based B2B money supply chain management system OweMe has raised $1 million in the Pi Ventures in seed round. According to a statement, OweMe, which claims to increase profitability for corporate buyers and banks, will use the capital to develop the solution and expand the group.
Pi Ventures, which was set by Manish Singhal and Umakant Soni, usually invests in early-stage start-ups functioning in artificial intelligence and net of things-based (IoT) start-ups. The VC company’s current investments include software as a service (SaaS) startup CustomerSuccessBox, logistics firm Locus, health-tech company SigTuple and NIRMAI, and medical wearable apparatus firm ten3T, among others.
Nishant Singh, CEO at OweMe says,
“Finance is viewed as a single entity issue for ages. Operationally firms have long since integrated their supply chains but there is a long way to go for financial integration. Today technology, regulation and market readiness can drive significant transformation in the way companies think about finance in their supply chains. We are very excited about the investment and the opportunities we can unveil with it,”
OweMe is a system which lets businesses and banks supply money faster. While there’s a huge demand for startups like OweMe in the market, there also are a lot of risks associated. One of the risks included, “Security.” However, the company is using Blockchain. The same technology which powers Bitcoin and no one has been able to hack blockchain because of it being “Decentralized.”