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August 4, 2021

Growing New Haven tech firm raises $1.25M

IMAGE | Pixabay.com
By Michelle Tuccitto Sullo

CoreChain Technologies has raised $1.25 million in pre-seed funding, money which the New Haven-based company plans to use to expand its payments and financing network, staffing and customer base.

Investors included Ulu Ventures, Connecticut Innovations, Bloccelerate VC and New Form Capital. 

Chris Aguas, founder and CEO of CoreChain, launched the company in September 2020. 

It operates out of District in New Haven with seven employees, according to Aguas, and he said his goal is to increase that number to 25 by early next year.

“We will be growing our team, and we are excited to be building a company that is bringing jobs to the area,” Aguas said.

CoreChain aims to revolutionize and modernize B2B payments and financing using blockchain database technology. 

According to Aguas, most businesses in North America pay their bills with paper checks. The company aims to streamline payments while reducing the risk of fraud. 

“We use blockchain technology, which allows us to create a network of buyers and suppliers for moving funds,” Aguas said. “All parties can see the state of a transaction in real time. We are at the intersection of the old way of settling payments and the future.”

CoreChain allows software companies, banks or other payment networks to offer a blockchain-based B2B payments solution. According to Aguas, the company’s customers range from software companies to universities to government entities.

CoreChain also supports settling funds via digital assets and digital currencies, as well as exchanges with other cryptographic currency networks such as Ethereum. CoreChain provides a trade finance “instant pay” solution within the payments platform, allowing for suppliers to accelerate payments of their invoices.

“Our blockchain technology allows companies to establish an automated payment process that’s faster and more secure,” Aguas said.

To date, the company has processed roughly $300 million in B2B payments for enterprise buyers, including transactions for channel customers, such as the software company PaymentWorks. 

CoreChain expects that number to grow to about $1 billion by the end of the year, Aguas said.

“That’s a number we are really excited about,” Aguas said.

Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com.

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