US-based blockchain technology developer Axoni has secured $31m from investors including financial services firms Deutsche Bank, UBS, Citi, Goldman Sachs, HSBC, JP Morgan and Wells Fargo and chipmaker Intel, Forbes reported yesterday.
Intel took part in the round through corporate venturing subsidiary Intel Capital, while venture capital firm Nyca Partners also participated. The round brought the company’s funding to $90m since it was founded in 2013, and Forbes described the new funding as an extension to its series B round.
Axoni has developed a distributed ledger technology platform that enables financial services companies to share data securely. The funding will be used to expand the company’s network to cover new asset classes and new geographical regions.
Goldman Sachs and Nyca Partners co-led a $32m first close of the round in 2018 that included JP Morgan, trading technology provider Nex Group, Citi and Wells Fargo. HSBC provided another $4m later that year to increase it to $36m.
The company initially raised $350,000 from unnamed backers in January 2014 and $2.8m from undisclosed investors six months later, according to regulatory filings.
Nex Group subsidiary Nex Opportunities co-led Axoni’s $18m series A round with Wells Fargo in 2016, investing with media and data group Thomson Reuters, Goldman Sachs and JP Morgan and F-Prime Capital, part of investment and financial services group Fidelity, as well as Andreessen Horowitz, Digital Currency Group and FinTech Collective.
The company then raised about $2m of additional series A funding from Citi in 2017 to increase the size of the round to more than $20m.