New York-based enterprise blockchain startup, Axoni, has raised $32 million in its recently concluded Series B funding round. The company seeks to provide blockchain infrastructure to financial institutions and capital markets.

Leading provider of enterprise blockchain technology, Axoni, announced on August 14th that it had raised $32 million in a Series B funding round. Goldman Sachs and Nyca Partners led the Series B funding. Others like Andreessen Horowitz, J.P. Morgan, Y Combinator, Digital Currency Group, and Wells Fargo also participated. With this round, Axoni’s total venture capital funding to date now stands at over $55 million.

The latest funding round will be used to amplify its data synchronization technology and expand its suite of infrastructure products to support AxCore. The financing will also help broaden the network of enterprises leveraging distributed ledgers and advance development of its Ethereum-compatible smart contract language, AxLang.

Greg Schvey, CEO of Axoni, commenting on the venture capital funding by the company, said:

“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.”

Head of market structure and electronic trading services at Wells Fargo Securities, C. Thomas Richardson, said:

“We are pleased to be part of Axoni’s journey since co-leading their Series A financing back in December 2016, and we are excited to see their progress made to date. The adoption of distributed ledger protocols in capital markets resembles the early days of adopting TCP/IP for distributed enterprise applications.”

Suggested Reading: Read more about blockchain technology in our ‘What is Blockchain‘ beginner’s guide

Based in New York, Axoni is a technology firm that specializes in distributed ledger infrastructure. Its clients range from world-renowned financial institutions to capital market infrastructure companies. Since its inception in 2013, the firm has set itself as a leader in blockchain technology through successful partnerships. The AxCore technology is the foundation layer of Axoni’s distributed ledger infrastructure. It has been established across different markets, ranging from complex derivatives to high-volume exchange. The company offers blockchain infrastructure, workflow automation tools, and distributed application development.

R3 Blockchain Consortium, one of Axoni’s biggest competitors, announced in 2017 that it had raised $107 million to bring blockchain services to the financial sector. But as of June 2018, things were not looking up for the company. According to Fortune, two anonymous ex-employees claimed that the company could be out of money by early 2019.

In 2014, the company had plans to supply blockchain technology to a consortium of major banks. Things didn’t go as planned, as the company suffered a setback in 2016 when some of its top-ranking members left the consortium. In May 2017, the ambitious company had a goal of raising $200 million in funding but fell short. Charley Cooper, a managing director at R3, has stated that the company exceeded its revenue target in 2017 and will give an update at the end of the calendar year.

The post Axoni Secures $32 Million in Series B Funding Round to Build Blockchain Infrastructure appeared first on UNHASHED.

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