International Trust Machines Corporation (ITM) announced pre-A round funding from the global IC design house MediaTek Inc. for the development of next generation blockchain scaling IC technology, related industry applications and global expansion efforts.
ITM has won several industry and innovation awards, such as Meet Taipei 2019 and QITC2019, since its 2019 establishment. Moreover, an ITM partnership project has recently been shortlisted for the 2020 Global Mobile Awards at MWC, the world's largest wireless communication exhibition. Already at this early stage, ITM has formed collaborations with well-known enterprises, including Microsoft, Qualcomm, and Taiwan Mobile.
Julian Chen, CEO and co-founder of ITM, notes that ITM focuses on the integration of blockchain and the Internet of Things. The patented blockchain SDK, which contains an unique algorithm, is only 100KB and can be easily ported on low-level IoT chips. A 32 Bytes ledger fingerprint can seal one million transactions with the ability for quick auditing of selected data. Boasting high efficiency and low cost, it is a leading global IoT blockchain solution.
ITM's blockchain solution at the chip level enables effective integration of both software and hardware, creating new opportunities for data security protection of the Internet of Things. MediaTek has long been aligned with government goals for investment in new and innovative industries, injecting capital and know-how into Taiwanese startups to assist their development as international competitors. This endeavor will both drive economic growth in Taiwan as well as help launch more new Taiwan stars into international markets.