Clearmatics raises $12m to build new financial market infrastructure
Clearmatics has completed a $12 million Series A funding round to help build modern financial market infrastructure.
The round was led by Route 66 Ventures; and included additional investment from private equity firm TNF Capital and XTX Ventures.
Clearmatics hopes that this round enables the firm to expand its team and development work in permissioned, peer-to-peer networks, including its work on blockchain interoperability and transaction privacy.
Robert Sams, CEO of Clearmatics, says that this investment will enable the firm to create further DCNs and build a peer-to-peer ecosystem over the entire trade lifecycle, from trade execution to settlement.
The company will also launch a Protocol Provider service next year to support the go-to-market of the Utility Settlement Coin Project, a consortium of 17 banks and financial institutions creating a new digital cash instrument collateralised by central bank money.
“Most companies in this space are a lot of hype with very little innovative technology,” says Benjamin Britt, general partner at Route 66 Ventures. “Clearmatics is anything but hype and has stood out in the financial technology and blockchain community by building novel distributed systems that will enable the next generation of market infrastructure.”
Zar Amrolia, co-CEO of XTX Markets, says that its firm believes that the serious application of distributed ledger technology will improve financial market infrastructure.
Samir Khosla, managing partner at TNF Capital, will join the Clearmatics Board of Directors.