Blockchain Startup Axoni Raises $32M USD In Series B Funding

Blockchain, Investing, News | August 15, 2018 By:

New York-based blockchain startup Axoni has raised $32 million in its Series B financing round led by Goldman Sachs and Nyca Partners. The round, which brings Axoni’s total funding to date above $55 million, also saw participation from Andreessen Horowitz, Citi, Coatue Management, Digital Currency Group, F-Prime Capital, Franklin Templeton Investments, JP Morgan, NEX Group, Wells Fargo, and Y Combinator.

Founded in 2013, Axoni is a technology firm that specializes in distributed ledger infrastructure. It offers blockchain infrastructure, distributed application development, and workflow automation tools. The company’s clients include many of the world’s largest financial institutions and capital markets infrastructure companies.

The new funding will be used to enhance Axoni’s data synchronization technology, expand its suite of infrastructure products to support mission-critical deployments of its AxCore technology, and broaden the network of enterprises leveraging distributed ledgers. The firm will also advance development of AxLang, an ethereum-compatible smart contracting language to enable formal verification.

“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 Greg Schvey, CEO of Axoni.

As part of the investment, Ashwin Gupta, Goldman Sachs managing director, and C. Thomas Richardson, head of Market Structure and Electronic Trading Services at Wells Fargo Securities, will take a seat on Axoni’s board of directors. They will join existing board members Michael McFadgen of NEX Group and Joe Ratterman, the former CEO of Bats Global Markets, now CBOE.

“Axoni has established itself as a market leader in enterprise blockchain, delivering solutions that can be used at scale across financial markets,” said Gupta. “We are pleased to work with them as they execute their strategy.”

“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,” said Richardson. “The adoption of distributed ledger protocols in capital markets resembles the early days of adopting TCP/IP for distributed enterprise applications. We continue to be impressed with Axoni’s ability to facilitate such adoption by identifying use cases that could benefit from blockchain technology.”