Stratumn Raises €7 Million in Series A
Paris-based blockchain startup Stratumn has raised €7 million ($7.9 million) in a new Series A round led by CNP Ventures. Otium Venture, Nasdaq and Digital Currency Group also participated in the round.
Stratumn, a provider of network solutions securing processes between enterprises and their stakeholders through blockchain technology and advanced cryptography, said it will use the funding to develop its technology and double the size of its team by the end of 2018. The latest funding will also accelerate Stratumn’s development and expansion into the US.
The company has already developed more than 10 projects with large companies such as CNP Assurances, Allianz France, Nasdaq, Thales, Bureau Veritas and Bouygues Immobilier.
Stratumn and Nasdaq have also entered into a co-research and development partnership to apply Stratumn’s Proof of Process Technology at Nasdaq’s Market Technology business and its own enterprise technology unit.
“We are very pleased to have successfully closed this series A round, which represents a major milestone for Stratumn,” said Stratumn co-founder and CEO Richard Caetano. “Our new investors will enable Stratumn to continue and accelerate its development and more effectively address growing needs in our markets. We are especially happy with the continued and increased support from Otium Venture, who have accompanied us for a year, and excited to welcome CNP Assurances, Nasdaq and Digital Currency Group, who will help us reinforce Stratumn’s presence in the insurance and capital markets sectors.”
“An investment in Stratumn was a natural development for us given the experimentation projects we have successfully executed with Richard and his team over the past year,” said Nasdaq Head of Corporate Strategy Jean-Jacques Louis. “We look forward to furthering our relationship between Stratumn and our technology team by collaborating on developing and applying unique financial technology that will bolster and strengthen the current and next generation products for our customers and ourselves. This approach fits with the mission of Nasdaq and, in particularly, our newly formed Nasdaq Ventures.”
“Blockchain technology makes processes more reliable and streamlines information flows for consortiums,” said CNP Assurances CDO Bruno Raillard. We would like to promote this technology to our partners and to insurance industry players using the Proof of Process Technology developed by Stratumn. This investment is part of the €100 million that CNP Assurances allocates to start-ups over a five-year period through its Open CNP programme and is the fourth Open CNP investment to date.”
“We are eager to have Stratumn join the DCG family, which now includes 100 companies across 28 countries,” said Digital Currency Group CEO Barry Silbert. “Stratumn’s Proof of Process Technology solves critical challenges around verifying and auditing the integrity of data used to make critical business decisions, and we look forward to helping the team build partnerships across our network of blockchain service providers and enterprises.”
