Enterprise-focused blockchain startup Axoni has raised $32 M in a funding round led by Goldman Sachs and Nyca Partners, with numerous other investors including Wells Fargo, JPMorgan, Citigroup, and Andreessen Horowitz. The fresh investment brings Axoni’s total financing to date to $55 M, according to the firm. Axoni raised $18 M in a Series A round led by Wells Fargo in late 2016, with Goldman Sachs, JP Morgan, Andreessen Horowitz, Citi also taking part in that funding effort.
According to Axoni’s co-founder, Greg Schvey, the new round represented not just an injection of capital but a “deep strategic” alliance, given that many of the investors are themselves innovating the traditional financial sector by turning to distributed ledger technologies, such as blockchain. Goldman Sachs, JPMorgan and Citigroup have already successfully tested Axoni’s blockchain platform AxCore for trading equity derivatives. Most recently, Axoni teamed with Clearmatics to issue a derivatives contract on one blockchain and settle it on another – a milestone in blockchain interoperability.
The New York-based Axoni plans to use the capital to continue developing both its data synchronization technology and its ethereum-compatible smart contracting language, AxLang, as well as increase the number of products relating to its auditable distributed ledger-based network, dubbed AxCore. Schvey added in a statement that the firm will seek to expand the number of enterprises that use its distributed ledger technology.
The most significant project Axoni currently has underway is with DTCC, the largest clearing and settlement services provider by value in the world, processing $1.6 quadrillion in securities transactions per year. Last year, DTCC had announced it would work with Axoni, IBM and blockchain consortium R3 to re-platform its Trade Information Warehouse for derivatives processing using the AxCore blockchain.
