Sagewise, Leading Smart Contract Dispute Resolution Company, Raises $1.25 Million Seed Funding, Led by Wavemaker Genesis
LOS ANGELES--(BUSINESS WIRE)--Aug 7, 2018--Sagewise, a leading technology company focused on building a safety net for smart contracts to enable the efficient resolution of disputes, today announced it closed a $1.25 million seed round to launch and grow its technology platform. The round was led by Wavemaker Genesis and includes strategic investments from affiliates of Ari Paul (Blocktower Capital), Miko Matsumura (Gumi Cryptos), Youbi Capital, Maja Vujinovic (Cipher Principles), Jordan Clifford (Scalar Capital), Terrence Yang (Yang Ventures) and James Sowers. These investors strengthen both Sagewise’s foothold in the smart contract arbitration arena and reinforce the growing need for secure and transparent legal transactions via distributed ledger technology.
Co-founded by Amy Wan, Esq., an award-winning leader in legaltech, and Dan Rice, a veteran software engineering luminary and blockchain expert, Sagewise’s software development kit (SDK) offers smart contract users a safety net, ensuring that execution of a smart contract reflects its parties’ true intent. With the Sagewise toolkit, users can mitigate variables such as the quality of smart contract coding and evolving situations via a built-in layer of smart contract monitoring, notification, freezing and dispute resolution before conflicts progress too far.
“The talent pool within Sagewise’s executive team and advisory board runs deep, inspiring confidence not only in investors, but also potential clients,” said David Siemer, Managing Partner at Wavemaker Genesis. “We believe Sagewise’s technology fills a largely unaddressed yet critical void in the smart contract industry, and we are thrilled to contribute to the company’s growth.”
First conceived of in 1994 before the rise of the distributed ledger, smart contracts have evolved from abstract concepts to viable business solutions in recent years, and are projected to grow exponentially over time. Conservatively, $100-$200 billion in value of cryptocurrency is currently held in smart contracts and on smart contract platforms like Ethereum.
“Smart contracts are coded by developers and audited by security auditing firms, but the quality of smart contract coding and auditing varies drastically among service providers,” said Amy Wan, co-founder and CEO of Sagewise. “Inevitably, this discrepancy becomes the basis for smart contract disputes, which is where Sagewise steps in to provide the infrastructure that allows the blockchain and smart contract industry to achieve transactional confidence. With this new influx of financing, we will be able to expand our offerings and hire additional staff, making our solution even more robust.”
For more information please visit www.sagewise.io.
Founded in 2017, Sagewise is a technology company focused on the efficient resolution of disputes involving smart contracts. Sagewise has developed a product comprising a smart contract safety net for blockchain users. The company’s SDK provides the tools and infrastructure needed for the effective handling of disputes at any stage in the development and execution of smart contracts, freezing contracts in place while they are being resolved. Sagewise’s mission is to provide transactional confidence in the blockchain ecosystem, ensuring that the outcome of a smart contract is consistent with the parties’ true intent.
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