PeerNova, a US-based developer of blockchain-powered financial services software, received $31m on Tuesday in a growth round backed by Medici Ventures, an investment vehicle for e-commerce firm Overstock.com
The round was led by venture capital fund Mosaik Partners and included venture investment bank Intuitive Venture Partners, which was billed as an existing investor. The company said it has now raised $74m of funding altogether.
Founded in 2013, PeerNova is working on a blockchain-powered big data management platform called Cuneiform for use in the financial services sector.
The technology is intended to help securely synchronise information spanning multiple datasets across both internal and external systems, enabling financial institutions to ensure their transaction data remains consistent and transparent.
PeerNova will use the funding to continue product development, fleshing out Cuneiform’s functionality in a bid to maximise market penetration.
The company secured $7m from undisclosed investors in a mid-2017 series A round, after construction services provider Zhejiang Zhongnan Holdings Group had paid $4m for a 5% stake in the company the year before.
A securities filing indicates PeerNova had raised $6m in funding in September 2015, five months after it had received $5m from Overstock. Mosaik Partners led an $8.6m first close for the series A round in 2014 that included Crypto Currency Partners and assorted angel investors and undisclosed backers.