Enterprise blockchain technology provider Axoni has raised $32 million in Series B funding led by Goldman Sachs and Nyca Partners. With this round of funding, Axoni has raised more than $55 million. This round of funding also included participation from Andreessen Horowitz, Citi, Coatue Management, Digital Currency Group, F-Prime Capital, Franklin Templeton Investments, J.P. Morgan, NEX Group, Wells Fargo, and Y Combinator.
“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,” said Axoni chief executive Greg Schvey in a statement.
Axoni’s AxCore technology has been integrated across a number of markets including high-volume foreign exchanges and complex derivatives. With this round of funding, Axoni is planning to enhance its data synchronization technology and expand its suite of infrastructure products to support the deployments of AxCore and its Ethereum-compatible smart contracting language AxLang.
A number of the investors in this round are also clients of the company, which are looking to blockchain technology to re-platform distributed ledger applications.
Axoni is also planning to increase the employee count, especially for engineering positions. Currently, Axoni has 55 employees. And Axoni will be investing the funds to enable existing clients to integrate their own users into its platforms.
One of Axoni’s biggest partnerships is with The Depository Trust & Clearing Corporation (DTCC). The DTCC provides clearing and settlement services for the financial markets. According to Forbes, the DTCC processes $1.6 quadrillion in securities transactions per year.
Back in January 2017, the DTCC had announced that it was going to use Axoni’s Axcore blockchain for re-platforming the Trade Information Warehouse. The Trade Information Warehouse services almost every derivatives dealer along with 2,500 buy-side firms.