UK-based blockchain technology developer Clearmatics Technologies has raised more than $12m in a series A round featuring XTX Ventures, the corporate venturing arm of market liquidity products provider XTX Markets.
The round was led by venture capital firm Route 66 Ventures and backed by investment firm TNF Capital.
Founded in 2015, Clearmatics creates automated blockchain-powered technologies to power financial products such as smart contracts and derivatives that exploit blockchain’s functionality as a decentralised and interoperable ledger of record.
The company is currently working on a protocol provider service that will underpin a digital currency partnership between 17 banks and financial institutions called the Utility Settlement Coin Project.
The series A cash will help Clearmatics mount a recruitment drive and pursue further development in areas such as blockchain interoperability and transaction privacy. Route 66 also led a 2015 seed round of undisclosed size for the company that included Tellurian Capital and Nyca Partners.