Digital Asset lands $120 million in Series D funding round
New York-based blockchain firm Digital Asset has announced a raise of over $120 million in its Series D funding round from 7RIDGE and Eldridge.
As part of the deal, Carsten Kengeter and Veronica Augustsson of 7RIDGE have joined the Digital Asset board.
Digital Asset’s flagship offering is a multi-party application platform, Daml, which “transforms disparate data silos into synchronised networks, eradicating latency and errors by guaranteeing consistent data”, according to the vendor.
In the financial services space, the vendor lists the Australian Securities Exchange, BNP Paribas, Broadridge, and Hong Kong Exchanges and Clearing among its customers.
“In 2020, Digital Asset tripled its customer base, with 50% of new business coming from non-blockchain deployments,” according to Emnet Rios, CFO and COO at Digital Asset.
“We saw significant demand for Daml to solve internal challenges of data silos within an organisation. As a result, we expanded our product portfolio to support ten different underlying ledgers, including traditional databases.”
Digital Asset will use the money to grow its team by 50% this year and enhance its product portfolio with a new interoperability protocol that enables data to “seamlessly interact across blockchains and traditional databases”, creating an interoperable data network across systems of record.
“Without Daml, workflows cannot be shared privately and securely within and across organisations, leading to inconsistent data, expensive to adapt architectures, and a lack of common interfaces,” says Yuval Rooz, co-founder and CEO at Digital Asset.
“This latest financing validates our vision of a global economic network that enables interoperable systems of record regardless of the underlying technology.”
The latest round of financing follows a $45 million Series C round last year, which included participation from technology giants Salesforce, Samsung and VMware, as well as existing investors.
Digital Asset is backed by 18 strategic investors, including Accenture, Citi, Goldman Sachs, IBM, and J.P. Morgan.