Salesforce, Samsung Invest In Blockchain Startup Digital Asset

Blockchain, Investing, News | February 5, 2020 By:

Blockchain startup Digital Asset has received investments from Salesforce Ventures and Samsung Venture Investment Corp.

Digital Asset builds products based on distributed ledger technology (DLT) for regulated financial institutions. Its platform allows participants to share a single source of truth which provides continuous data integrity. The platform includes Digital Asset Modeling Language (DAML), a next-generation smart contract language. DAML is used to create smart contracts, or computer programs that automate business processes and digitally verify and enforce agreements between two or more entities.

The investments from Salesforce Ventures and Samsung are part of Digital Asset’s Series C financing round. The initial $35 million closing was announced in December 2019. According to Digital Asset, the funds will be used to accelerate the adoption of the DAML smart contract language across multiple industries, expand the number and variety of DAML-enabled partner products and fund new products designed to enhance the DAML developer experience.

“We strongly believe that Digital Asset’s model to embed DAML in partner platforms fundamentally changes the entire blockchain market,” said a spokesperson from Samsung Venture Investment Corp. “Digital Asset has positioned itself for success in the blockchain space and we are pleased to help it achieve its vision.”

Digital Asset also announced the appointment of Susan Hauser, a 28-year Microsoft veteran and advisor to Digital Asset, to the company’s board of directors. Hauser served as Corporate Vice President of Microsoft’s Worldwide Enterprise & Partner Group where she was responsible for the commercial sector, government sector and enterprise partnerships globally, including key vertical industries such as healthcare, education, retail, manufacturing, and financial services.

“Salesforce Ventures and Samsung joining our Series C financing round demonstrates the potential that technology giants see in DAML as the standard for smart contracts,” said Yuval Rooz, co-founder and CEO of Digital Asset. “Appointing Susan Hauser to the board will help us capitalize on this vision. She brings us her unparalleled understanding of customer needs and exceptional experience building an enterprise business at Microsoft.”