Blockchain Solutions Provider PeerNova Raises $31M USD In Strategic Funding Roundbr>
Blockchain solutions provider PeerNova has raised $31 million in a strategic funding round led by an existing investor, Mosaik Partners. The round, which brings the total fundraising to $74 million, also saw participation from Medici Ventures and Intuitive Venture Partners.
Founded in 2013, PeerNova aims to solve some of the most prevalent challenges in the financial industry. The firm’s blockchain-enabled platform, called Cuneiform, enables financial institutions to perpetually synchronize their data across multiple internal and external systems guaranteeing data and process integrity. The platform simplifies reconciliation, automates exception processing, and provides greater end-to-end operational visibility across workflows in real-time.
Commenting on the latest funding, PeerNova President and CEO Gangesh Ganesan said that the company is committed to further building its unique solution that solves relevant, timely, and pertinent problems that plague data and process integrity in the financial industry.
“We will use this round of financing to continue our mission, increase market penetration, and extend the functionality and use cases of our Cuneiform Platform,” Ganesan said.
Howard Mergelkamp, Managing Partner at Mosaik Partners, said that PeerNova has solved seemingly insurmountable reconciliation, asset optimization, and data integrity challenges for the largest financial institutions, saving them millions of dollars in annual costs and freeing up billions in revenue-generating collateral and reserves.
“We are excited to lead this growth round to bring PeerNova’s extraordinarily high-value solutions to financial institutions globally,” said Mergelkamp.