Enterprise-focused blockchain startup Axoni has completed a $32 million Series B funding round led by Goldman Sachs and Nyca Partners.
Also participating in the round were Andreessen Horowitz, Citi, JP Morgan, Wells Fargo, Y Combinator and Digital Currency Group, among others. The round raises Axoni’s total venture capital funding to over $55 million to date, according to the firm.
Coffers now full, the New York-based Axoni said it plans to use the funds 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.
Greg Schvey, CEO of Axoni, added in a statement that the firm will seek to expand the number of enterprises that use its distributed ledger technology.
“The adoption of distributed ledger protocols in capital markets resembles the early days of adopting TCP/IP for distributed enterprise applications,” commented C. Thomas Richardson, head of Market Structure and Electronic Trading Services at Wells Fargo Securities.
Axoni raised $18m in a Series A round led by Wells Fargo in late 2016, with investors such as Goldman Sachs, JP Morgan, Andreessen Horowitz also taking part in that funding effort. The firm revealed that Citi had later contributed an undisclosed amount in May 2017.
JPMorgan and Goldman Sachs took part in a trial of an equity swaps DLT system in late 2017 that used Axoni’s AxCore platform. Most recently, Axoni teamed with Clearmatics to issue a derivatives contract on one blockchain and settle it on another – a milestone in blockchain interoperability.