France-based blockchain networkng technology startup Stratumn has raised €7m ($7.8m) in a series A round led by Open CNP, the corporate venturing arm of insurance firm CNP Assurances.
Stock exchange operator Nasdaq, venture capital firm Digital Currency Group and investment manager Otium Ventures also took part in the round, the latter having joined angel investor Eric Larchevêque to provide €600,000 in seed funding for Stratumn in March 2016.
Stratumn has developed proof-of-process technology to help companies secure and streamline their compliance procedures using a cryptographic audit trail that is compatible with bitcoin and blockchain.
The funding will help the startup accelerate its US presence and double the size of its 15-strong team by the end of 2018.
In addition to building projects for CNP Assurances and Nasdaq, Stratumn has worked with other fellow corporates including insurance company Allianz France, and aerospace and defence equipment producer Thales.
Nasdaq, which launched its corporate VC unit Nasdaq Ventures earlier this year, will also work with Stratumn in a co-research and development arrangement to help apply it proof-of-process technology to the capital markets.