Block-chain startup Sun Exchange raises $1.6 million

There is a new block-chain start-up Sun Exchange that has raised $1.6 million in seed funding last week

The company attracted a number of investors like Network Society Ventures, Kalon Venture Partners, and startup accelerators BoostVC, Techstars and Powerhouse. Last year this start-up joined the Plug n Play start-up accelerator

Sun Exchange platform utilises the new technology to rent out solar panels so transactions can be recorded on block-chain and payments to be made from crypto-currency.

The start-up aims to provide easier access to solar power as well as encouraging those looking to capitalise on consumer grade renewable energy

Abraham Cambridge, CEO of Sun Exchange said

“[Solar power] is the fastest growing source of energy, but billions of people don’t own their own roof or have the capital to get it. By breaking down solar panel ownership to a single cell we reduce the cost of going solar by two orders of magnitude and we’re utilizing empty roof space in some of the sunniest cities on the planet, such as Dubai and Johannesburg.”

While seed funding block-chain startups is not something new but both Network Security ventures and Kalon Ventures both invested in this technology for the first time

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