Smart Contracts Startup Mirror Gets Another $8.8 Million in Funding

Smart contracts startup, Mirror has gotten another $8.8 million in funding, bringing total investment to $12.8 million after a $4 million round over one year ago.

The round was led by Route 66 Ventures, with participation from existing investors including RRE Ventures, Crosslink Capital, Battery Ventures and Tim Draper.

Mirror, which rebranded from Vaurum late last year, is looking to create a platform for Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term-powered smart contracts. According to its website, it is focusing on financial contracts, such as those that hedge against economic and business risks. Also envisioned is peer-to-peer (p2p) trading, the general concept being to bring down the cost and complexity in negotiating financial contracts.

Avish Bhama, co-founder and CEO, explained his vision and the significance of the funding:

"There is an unbundling of the financial services industry that's occurring right now, and we see an enormous opportunity to provide advanced, more efficient services for Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term and hedging. We're building tools for traditional financial assets, leveraging the Bitcoin protocol. We plan to use this new financing to continue to build out our engineering team and scale international operations."

As Vaurum last year, the venture started out as a trading service before shifting gears to smart contracts.