Mirror, formerly Vaurum Labs has closed its Series A fundraising round with $8.8 million in financing from a battery of investors. The company which offers a smart contract services powered by Bitcoin Blockchain is being funded by a bunch of investment firms led by Route 66 Ventures. Other investment firms include Crosslink Capital, Battery Ventures and RRE Ventures. Even Tim Draper, who is well-known for buying a large chunk of Bitcoins at the Silk Road auction conducted by US Marshals Services is also part of the group investing in Mirror.
The company initially started as the Bitcoin exchange before pivoting under the guidance of Nick Szabo to become what it is now. Nick Szabo is considered to be one of the authoritative figures when it comes to Bitcoin technology. There is speculation that he might be the elusive Satoshi Nakamoto who introduced Bitcoin to the world in 2008.
Based out of San Francisco, California, Mirror provides a Blockchain based platform for the financial ecosystem. By making use of the universal Blockchain technology, Mirror is on its way to unify the global markets.
Mirror’s prediction platform creates an economical decentralized peer-to-peer market where individuals and businesses can hedge economic and business risks. The smart contract offering makes this whole process possible. With smart contracts individuals and businesses can automate trade settlements and eliminate counterparty risks.
Mirror has so far raised $12.8 million including the $4 million previously raised during the seed funding round last year. Battery ventures along with Tim Draper and Steve Case of AOL had invested earlier in the seed round. With this funding, the company plans to build a strong development and engineering team while expanding its operations across the world at the same time.
According to the terms of the latest round of funding, Pascal Bouvier from Route 66 Venture partners will be one of the board of directors at Mirror. Mirror’s pivot with the help of Nick Szabo has made it one of the leading Bitcoin technology based company to look forward to in the immediate future.