TrayamBhu Tech raises seed fund from Octave Ventures

Hyderabad: Hyderabad-based blockchain solutions provider TRST01 (TrayamBhu Tech Solutions Pvt Ltd) has raised an undisclosed seed round from US-based Octave Ventures and others on Tuesday. The company plans to invest the newly-injected funds in developing newer blockchain products on climate tech covering ESG (environmental, social and governance), carbon credit and tokenisation carbon assets.

Apart from expansion of business operations in the US and other emerging markets, the firm is also moving aggressively on its hiring spree. It is planning to expand its team by hiring fifty new resources by end of this year. Currently, it has thirty employees with operations in India. The company has launched a strong portfolio of agriculture and food products that address trust, transparency and traceability. Founded in 2020 by Prabir Mishra, Suraj Teja and Puru Modani, TRST01 is a multichain platform working on mapping the last mile of sustainable data on the blockchain. The global blockchain market size is projected to reach $104.19 billion by 2028, exhibiting at a compound annual growth rate (CAGR) of 55.8 per cent in the forecast period.

Within a year of launching, TRST01 is working with Telangana government on Public Distribution System (PDS) traceability. In addition, the company is part of the first cohort of CoE for Blockchain STPI, Gurgaon, and the cohort of Ag-Hub Agri Innovation Hub of PJTSAU, Hyderabad. It has brought forward nine cohesive products in the marketplace.

Prabir Mishra, CEO of TRST01 said, "We have been successfully disrupting the space through our proprietary multichain blockchain platform. We have been clocking impressive year-on-year growth across our extensive product suite. This investment comes at an opportune time, as we are eager to capture a larger share of expanding blockchain enterprise market."

In recent times, demand for cloud-based services has increased dramatically. Moreover, the pandemic acted as a catalyst in creating even more new opportunities for this technology. Additionally, Backend-as-a-Service (BaaS) has also emerged as an ideal solution to cater to the demand of small and medium-sized enterprises (SMEs).