Singapore-based Web3 infrastructure startup EthSign has secured US$12 million in a seed funding round led by all three units of Sequoia VC- Sequoia Capital, Sequoia Capital India, and Sequoia Capital China.
This is the first time that all three units of Sequoia have invested together in a funding round in general, and not just in the crypto space.
The funding round was also joined by Mirana Ventures along with participation from Circle Ventures, Amber Group, NGC Ventures, Matrixport, and Hashkey Group. Angel investors including Tegan Kline (The Graph), Balaji Srinivasan (former CTO of Coinbase), Sid Powell (Maple Finance), Sandeep Naiwal (Polygon), and Thomas Vu (Riot Games) also invested in the round.
EthSign allows users to sign and manage agreements electronically. The users can log in to EthSign through crypto wallets such as MetaMask, electronically sign it and upload documents.
“Initially, we built EthSign as a decentralized Docusign for traditional and Web3 entities to conduct PDF agreements on the blockchain. But EthSign is set to catalyze the next era of agreement where the execution of terms can be trust-less and automated,” said Potter Li founder EthSign.
EthSign was founded in 2019 by Potter Li, Xin Yan, and Jack X offers an e-signing platform that utilizes blockchain technology to offer a decentralized, customizable and transparent version of traditional signature service.
The platform aims to tackle data security issues caused by an over-reliance on centralized providers and build back trust in electronic signature services. With its Web3 technology (smart contract platform, decentralized identity, and decentralized storage networks), EthSign enables users to comment on, edit, and access each version of an electronic agreement securely and seamlessly.
EthSign is now planning to launch an execution platform called Smart Agreements that will allow users to execute signed agreements through smart contracts based on predetermined conditions.
The company presently does not charge for its services but plans to levy tax on escrow transactions once the execution platform is launched. Its current users include Amber Group and MetaMask.
EthSign presently has a team of 15 people and plans to increase the team size to about 25 in the near future.