As reported by PRNewswire last August 14th, New York-based provider of distributed-ledger technology for financial institutions – Axoni – completed its Series B financing round with $32 million, initiated by Goldman Sachs and Nyca Partners. Through the collaboration with Andreessen Horowitz, Citi, Coatue Management, Digital Currency Group, F-Prime Capital, Franklin Templeton Investments, JP Morgan, NEX Group, Wells Fargo and Y Combinator, they were able to rise above $55 million, as of date.
Without disclosing how much each of the 12 companies contributed to the funding, Axoni will utilize the funds to seamlessly advance both Axlang, its data synchronization technology and its ethereum smart compatibility scripting language that will enable formal verification; and Axcore, a data synchronization technology that will overpower the next generation platforms operating in the $11 trillion credit derivatives market.
Founded in 2013, Axoni exhibited a promising future in cooperation with top investment banks, asset managers and market infrastructure companies. In an exclusive interview with Forbes, Axoni CEO Greg Schvey described it as “Turning projects into products.” Additionally, “These are very strategic investors,” said Schvey. “We have deep strategic and commercial engagements with most of them.”
“Our strategic partners have been critical to our success so far; we are delighted to strengthen and expand those relationships with this financing as we continue to deploy Axoni’s technology,” according to Schvey as reported by CCN.
Goldman Sachs’ Managing Director Ashwin Gupta mentioned, “Axoni has established itself as a market leader in enterprise blockchain, delivering solutions that can be used at scale across financial markets. We are pleased to work with them as they execute their strategy,” as reported by Market Watch.
For one, Wells Fargo is continuously satisfied with Axoni’s work in adoption of distributed ledgers. Thomas Richardson, head of Market Structure and Electronic Trading Services at Wells Fargo Securities. “The adoption of distributed ledger protocols in capital markets resembles the early days of adopting TCP/IP for distributed enterprise applications.” Axoni raised $18 million in Series A, whose efforts were led by Wells Fargo in late 2016, as supported by investors namely: Goldman Sachs, JP Morgan, Andreessen Horowitz and Citi, when the latter contributed an undisclosed amount in May 2017.
The new partnership with these new investors in Series B includes Goldman Sachs managing director, Ashwin Gupta, and Wells Fargo’s head of market structure and electronic trading services, C. Thomas Richardson, assuming positions in Axoni’s board of directors. The pair will join existing board members Michael McFadgen of NEX Group and Joe Ratterman, the former CEO of Bats Global Markets, now Cboe.
Axoni has already signed a major collaboration with the Depository Trust and Clearing Corporation (DTCC). The latter provides post-trade clearing and settlement services and processes $1.6 quadrillion worth of transactions in a year. Forbes reported that the New Jersey-based DTCC has tasked Axoni with building it a blockchain-based distributed ledger to which it can migrate its Trade Information Warehouse.
This is the biggest undertaking Axoni has for its present venture. DTCC is topmost when it comes to financial value processing, handling $1.6 quadrillion in securities transaction per annum.
