Everledger, the U.K.-based technology company that uses blockchain to track diamonds and other gems through the pipeline, is undergoing a restructuring after landing in administration in Australia, founder and CEO Leanne Kemp (pictured) tells JCK.
Everledger’s Australian affiliate entered administration—the local version of bankruptcy— and a U.K. affiliate began a windup, following an investor pullout, Kemp confirms. But the company intends to make it through those processes and has no plans to liquidate, she says.
“Everledger is here,” Kemp says. “I am the largest shareholder, and I’m not going anywhere. We have seven entities in five countries, and some are being wound up and others are being restructured.”
She stresses that Everledger is continuing to provide services for its customers. “The technology is live and has been since this event happened in March. All of that is uninterrupted. I have had conversations with every one of our customers.”
The company’s issues stem from an investor yanking its funding, Kemp says. “We had a legal agreement, and we feel there’s been a breach of that agreement,” she says. “We will let the legal process run its course.”
Kemp believes Everledger will have many issues settled by May 31—just days before the JCK Las Vegas show, which she plans to attend.
Founded in 2015, Everledger initially focused on tracking diamonds and gems with a digital record backed by blockchain. It has provided tracking services for GIA, Brilliant Earth, Provenance Proof, and a small diamond project involving a 137-person village.
But it has broadened its focus and now tracks everything from batteries to art and other luxury products.
According to Crunchbase, it raised at least $27 million from a variety of funders, including the Australian government.
News of Everledger filing for administration was originally reported by the Australian Financial Review.
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