Investor Update #1
Firstly, I would like to apologise for a lapse in communication! We have all been extremely busy and our commercial momentum and technology offering has progressed significantly since your generous support. Our cash position is still strong.
Our MVP is now a robust CoC Release 1.0. Our Chain of Custody application stack has been containerized in dockers and now runs on both Linux PCs and will soon be hosted for clients in the cloud on AWS. Chain of Custody runs on Ubuntu and our end user application is currently available in Android with IOS later this summer. New end user releases only take a week or two since we now develop UIs in react native.
Based on inputs from our growing group of system integrators and feedback from their clients, we have taken an important decision to be both blockchain and artifact agnostic. Blockchain services will be derived from hosted DLT providers like AWS.
As promised, we have agreements with SCC, Blackcat Technology Solutions and TALL Group providing us with:
a long standing, trusted hosting and system integrator;
a strong strategic partner in agile development;
a certified provider of artifact and logistics support services.
The environment has changed in our favour over the last couple month with large integrators avoiding blockchain migrations, since end users will make this transition incrementally using applications that solve front line performance problems like Chain of Custody! While this will not prevent long term adoption, we have taken a strategic decision that allows us to also deploy in a traditional cloud, database environment, where there is immediate demand. Chain of Custody works a charm in traditional relational databases. The immutable record of all user interactions can still be held in a blockchain or in encrypted, distributed containers.
We are very busy supporting 2 of the Big 4 on pilot projects with FTSE250 publishers, manufacturers and service providers. This activity is covered under our Framework Licence Agreements which allow us to customise applications that will evolve into End User Application Specific Licence Agreements.
Additionally, with the looming deadline of Brexit, DocuChain seems to be positioned extremely well to potentially profit from the situation. We are speaking with large technology companies that may be integrating some of our platform into their border management infrastructures at Dover and Northern Ireland.
We have a growing team and have recently welcomed Dr. Chris Satchwell, a British scientist and mathematician, and Rajesh Paidighantam, an advisor and fulltime Director of a top 10 global bank.
We now find ourselves in a position where we have significant commercial traction that requires immediate technology support for system integrators and their clients. We need to hire 3 tech focused employees with 3-5 years’ experience – candidates to be picked by both Dr. David Lowe, CTO and Dr. Chris Satchwell, CSO. Additionally, we would like to hire 2 business analysts, again with 3-5 years’ experience in the tech sector working with agile development technologies.
DocuChain’s founding team has a few hundred years of industry experience and expertise, however, we want to give the team a refresh of young blood!
We have made application under the Patent Cooperation Treaty to extend our UK patent application to the USA and EU with BartleRead, our patent attorneys in Liverpool. Our legal work is provided by Gowling WLG, a global legal practice with strong IPR credentials and our accountants are CooperFaure.
We will be posting some screen shots of our new release on the site next week along with our use case focus:
supply chain visibility
high value industrial assembly
mission critical industrial processes
provenance and real time authentication of transactions.
While this letter serves as a platform for a small update, it also allows for us to inform our first round investors and founder shareholders that we will be proceeding to a second seed round in September of this year to support our growing client base. If you still like what you hear and see, once again we will be available on Crowdcube and will qualify for EIS tax relief investment schemes.
Once again everyone at DocuChain would like to thank you for your investment and continued support. Our journey is still only beginning and looks to have a very bright future.
The DocuChain Team!