Digital Asset, a US-based distributed ledger technology developer backed by technology group IBM, obtained more than $40m in a series B round yesterday led by Jefferson River Capital.
The round included a range of new and existing investors, though none of these were named.
Founded in 2014, Digital Asset operates a platform aimed at large-scale financial infrastructure that enables trading to be processed electronically without requiring manual intervention. The platform relies on blockchain technology.
The money will support the company’s international expansion efforts. It currently has offices in London, Zurich, Budapest, Sydney, Hong Kong and New York.
Additionally, Digital Asset revealed it has hired Clyde Rodriguez, former co-chief technology officer of hedge fund Two Sigma Investments, as its chief information officer and chief technology officer of engineering.
Digital Asset has now raised $110m in funding to date, including a series A round raised over multiple tranches in 2016.
The initial series A close at more than $50m occurred in January 2016, featuring CME Ventures, the investment vehicle of futures company CME, securities exchange operators ASX and Deutsche Börse Group, and Dutch state-owned bank ABN Amro.
Management consultancy firm Accenture, business process outsourcing firm Broadridge Financial Solutions, dealer broker Icap and post-trade financial services provider Depository Trust and Clearing Corporation (DTCC) also contributed to the first series A close.
Additional investors in the first series A tranche included financial services firms BNP Paribas, Citi, JP Morgan, PNC Financial Services Group and Santander, which invested through its InnoVentures unit.
IBM and investment bank Goldman Sachs then added $10m in capital in February 2016, before ASX returned to supply another $7.2m in funding June 2016.
Blythe Masters, chief executive of Digital Asset, said: “Clyde is a respected technology executive with a strong track record of leading engineering teams to develop mission-critical enterprise software that supports hundreds of millions of customers worldwide.
“The addition of Clyde and the closing of our series B financing position Digital Asset to capitalise on the enormous opportunities we see.”