Digital Asset, a US-based digital contracts technology developer backed by multiple corporate investors, has secured more than $35m in series C funding from undisclosed new and existing investors.
Founded in 2014, Digital Asset has created an open source smart-contract programming language called DAML that can form the basis of either smart contracts or applications that can automate part of the contract organisation process.
The funding will support the commercialisation of DAML and the development of new tools including a cloud-based prototyping service.
Emnet Rios, Digital Asset’s chief financial officer and chief operating officer, said: “We are delighted by our investors’ ongoing commitment to helping Digital Asset succeed and achieve its vision.
“This new funding will allow us to further expand our support for DAML-enabled platforms, build on the momentum we have seen behind DAML worldwide, and serve a growing client base across multiple industries.”
The company said the round brought its total funding to $150m. It raised $40m in a late 2017 series B round led by family office Jefferson River Capital that included unnamed existing and new investors.
Digital Asset closed a $60m round the year before featuring computing technology producer IBM, professional services firm Accenture, brokerage services provider Broadridge Financial Solutions and exchange operators Deutsche Börse Group, ASX and CME, through its CME Ventures vehicle.
Dealer broker Icap, post-trade financial services provider Depository Trust and financial services firms ABN Amro, BNP Paribas, Citi, JP Morgan, PNC Financial Services Group and Santander also invested, the latter participating through its Santander InnoVentures unit.