US-based distributed ledger technology producer Axoni has boosted its series A round to more than $20m following an investment by financial services firm Citi.
The precise amount Axoni has raised has not been revealed, though a regulatory filing made at the time of the round’s first close in December 2016 shows Axoni was seeking a total of $20.5m.
The round’s $18m first tranche was co-led by financial services firm Wells Fargo and Euclid Opportunities, the strategic investment division of trading information and services provider NEX Group (then known as Icap), and closed in December 2016.
Media and information firm Thomson Reuters and investment banking firms Goldman Sachs and JP Morgan also participated in the first close, as did Andreessen Horowitz, FinTech Collective, F-Prime Capital Partners and Digital Currency Group.
Founded in 2013, Axoni has developed distributed ledger technology that relies on blockchain to optimise services such as credit default swaps, equity swaps and foreign exchange derivatives. It also enables smart contract development and analytics.
Citi and Axoni had been collaborating on a range of projects prior to the investment and will continue to do so in future.
Greg Schvey, chief executive of Axoni, said: “Having the support and domain expertise of a world-class institution such as Citi will allow us to execute our vision even more broadly and rapidly – we are delighted to have Citi join Axoni’s investor group.”