$2.7 million in Seed funding was raised by RociFi, a Pittsburgh-based, decentralized zero and undercollateralized lending program.
Backers in the round, closed in November 2021, included from Arrington, Goldentree, Nexo, LD Capital and Skynet Trading.
The company plans to use the funds for expansion, product marketing, increased engineering staff size, and to launch the protocol.
Christopher Brookins is the CEO of RociFi. He has developed a protocol which combines on-chain, machine learning, and decentralized identity data to enable undercollateralized loans via blockchain. Its scoring process will identify a borrower’s trustworthiness based on their digital identity and allow lenders to lend their money according to their credit risk scores.
The company is currently on testnet. They plan to launch a phased, large-scale mainnet launch by quarter 2. This year.