US-based blockchain technology startup Blockstream secured $55m yesterday in a series A round co-led by AXA Strategic Ventures, insurance group AXA’s strategic investment arm, and internet company Digital Garage.
The corporates co-led the round with venture capital firm Horizons Ventures, with contributions from backers including AME Cloud Ventures, Blockchain Capital, FuturePerfect Ventures, Khosla Ventures, Mosaic Ventures and Seven Seas Venture Partners.
Blockstream is developing ‘sidechain’ products centred on blockchain, the secure database technology that makes cryptocurrencies like bitcoin possible. Its first commercial product is Liquid, an interchange settlement service for bitcoin exchanges and brokerages.
François Robinet, managing partner of AXA Strategic Ventures, said: “We are convinced that blockchain technology has the ability to transform not only financial services but also other industries.
“Blockstream has the best technical team in the industry and we strongly believe in their approach of developing foundational infrastructure for various blockchain applications. We value Blockstream’s open source approach and its sidechain technology, which will allow interoperability between different chains and provide critical long-term success in this sector.
“We also look forward to partnering with Blockstream to drive the transformation of insurance and asset management businesses.”
The funding comes after a $21m seed round in November 2014 that featured Khosla Ventures, FuturePerfect Ventures, Mosaic Ventures, AME Cloud Ventures, Crypto Currency Partners, Real Ventures, Innovation Endeavors, Ribbit Capital, and angel investors including Reid Hoffman and Danny Hillis.