Artory, an art registry startup powered by blockchain, is reported to have raised more than $7 million during a Series A round. The astounding number was partly due to contributions made by a Spotify investor.
The news was recently announced by the Art Newspaper, an art-centered publication.
The newspaper mentioned that Artory is a ledger that allows users to track an art work’s provenance, record sales, and title data. It also reported how the startup was able to secure about $7.3 million from a diverse group of investors like 2020 Ventures, US logistics brand Postmates, and The RealReal, a reselling platform for luxury goods.
Investing firm 2020 Ventures is known for supporting Spotify, a Swedish-based audio streaming platform.
Artory founder Nanne Dekking said the funds raised would be used to further develop the registry’s data and improve the functionality of the platform. Dekking also emphasized the importance of what they’re building, especially since it has to be accurate and easy to use in order to show “the depth of information behind every artwork.”
Meanwhile, 2020 Ventures general partner David Williams explained to Art Newspaper that the company is partial to platforms that introduce large markets to a wider range of transactions and participants.
Artory acquired Auction Club in March of this year. The by-subscription auction house database carries sales information from 4,000 auction houses. The decision to get Auction Club was reportedly done to open up to the public all the data it holds.
Artory also has a pilot project with Christie’s auction house. The two will reportedly implement blockchain technology to provide information and purchase certificates to buyers.