Digital Asset Bags US$120 Million to Expand its Daml Data Networkby Fintechnews Switzerland April 22, 2021
Digital Asset, the creators of the Daml multi-party application platform, announced that it has raised over US$ 120 million in Series D funding from 7RIDGE and Eldridge.
The company said that it will use this financing to continue to expand its team globally by 50% this year.
Digital Asset will also enhance its product portfolio with a new interoperability protocol that enables data to seamlessly interact across blockchains and traditional databases, creating an interoperable data network across systems of record.
The company also announced that Carsten Kengeter and Veronica Augustsson of 7RIDGE have joined the Digital Asset Board.
The latest round of financing follows a $45 million Series C round in 2020, which included participation from technology giants Salesforce, Samsung and VMware, as well as existing investors.
Digital Asset is backed by a range of strategic investors, including leading financial and technology companies Accenture, Citi, Goldman Sachs, IBM, and J.P. Morgan, among others.
Organisations rely on Daml to transform disparate data silos into synchronised networks, eradicating latency and errors by guaranteeing consistent data.
Digital Asset’s customer base includes the Australian Securities Exchange, BNP Paribas, Broadridge, and Hong Kong Exchanges and Clearing.
“In 2020, Digital Asset tripled its customer base, with 50% of new business coming from non-blockchain deployments. We saw significant demand for Daml to solve internal challenges of data silos within an organization.
As a result, we expanded our product portfolio to support 10 different underlying ledgers, including traditional databases.”
said Emnet Rios, CFO & COO at Digital Asset.