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German Blockchain-based Startup Gapless Secured $5.5M; Porsche Leads Funding Round

Blockchain-based vehicle management developer Gapless has brought Porsche on board to lead its $5.5 million funding round. 

German startup Gapless which focuses on blockchain-based vehicle management systems is executing a $5.9 million funding round, and automobile giant Porsche is participating in it. According to the reports, other participants include FinLab EOS VC Fund and insurance entrepreneur Kersten Jodexnis. Gapless intends to use the fresh capital to further develop its blockchain-based application that is aimed to enable users to record a complete history of vehicles. It also plans to expand and increase its existing customer base. As of now, the firm has as many as 50,000 users on its platform. 

Futuristic Technology

In an interview with the blockchain news publication Cointelegraph, a Porsche spokesperson claimed that the company is constantly monitoring new technologies and finding ways to implement those into Porsche, in a quest to further enhance user experience. Porsche made a statement, “We evaluated and piloted several blockchain-based solutions. Blockchain can be a potential benefit for any trust-based interactions that require a decentralized approach.”

On the other hand, Stefan Schütze, Managing Director of the FinLab EOS VC Fund commented, “We are pleased to welcome Gapless as a new investment in our portfolio. Gapless shows how blockchain technology can change services from the ground up – and always thinks from the user’s perspective.” 

Blockchain Technology in Automobile Industry

Off late, a number of vehicle manufacturers have been adopting blockchain to track the life cycle of automobiles and improving driver experience. Recently, Indian blockchain firm Smart Sight Innovation introduced a blockchain-based application that helps to track maintenance data of vehicles.

Moreover, General Motors also filed a patent application for its blockchain-based real-time updatable navigation system. BMW is also planning to launch its blockchain-based supply chain system by the end of this year. 

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