Blockchain startup Lumachain has received $2.4 million in public funding from Main Sequence Ventures, a $165.6 million venture capital fund backed by the Australian government and the federal Commonwealth Scientific and Industrial Research Organisation.
Lumachain’s newly-received funds will go toward staffing fees as well as international expansion, according to a report by local financial news periodical the Australian Financial Review (AFR) on July 29. Lumachain reportedly uses blockchain technology to track and trace the condition and whereabouts of food products along the supply chain in real time.