US-based blockchain technology provider Axoni closed a $32m series B round that included trading technology provider NEX Group and financial services firms Citi and Wells Fargo on Tuesday.
The round was co-led by investment bank Goldman Sachs and Nyca Partners, and also featured investment bank JP Morgan, Andreessen Horowitz, Coatue Management, Digital Currency Group, F-Prime Capital, Franklin Templeton Investments and Y Combinator.
Axoni has developed distributed ledger technology called AxCore that allows financial firms to securely share data and calculations that can be synchronised between systems.
The funding will support the expansion of Axoni’s product range and the strengthening of its technology, including the development of a smart contracting language that will facilitate verification in conjunction with the Ethereum cryptocurrency.
The company has now raised $55m since it was founded in 2013 and the latest round follows a series A featuring media and data group Thomson Reuters, Citi and Wells Fargo as well as NEX Group’s Euclid Opportunities vehicle that closed in May 2017.
The amount raised in the series A round was undisclosed but more than $20m, and the investors included Goldman Sachs, JP Morgan, F-Prime, which functions as a subsidiary of investment group Fidelity, Andreessen Horowitz, Digital Currency Group and FinTech Collective.