Axoni have successfully raised $32 million in Series B funding in a round led by Goldman Sachs and Nyca Partners. The round, which takes their total amount of raised capital to in excess of $50 million, also saw participation from Andreessen Horowitz, Citi, JP Morgan, Wells Fargo, Y Combinator and Digital Currency Group. Axoni’s series A funding round was led by Wells Fargo, but JP Morgan, Andreesen Horowitz, Goldman Sachs and Citi also participated at that stage.
According to Axoni: The base layer of Axoni’s distributed ledger infrastructure is our AxCore technology. It serves as the underlying framework to seamlessly share and synchronize data between systems and institutions while maintaining the privacy, scalability, and auditability required for capital markets. Once a blockchain network has been established, distributed applications can be deployed by using smart contracts to encode data, calculations, and event-driven activity on the blockchain. This ensures all relevant parties remain synchronized on the value or state of an asset or contract, regardless of complexity.
Axoni is run by brothers Greg and Jeff Schvey, who previously co-founded institutional trading tools firm TradeBlock. With Axoni though, the Schvey brothers are looking to bring distributed ledger technology to capital markets, with the majority of the funds raised to be spent developing AxLang – the Axoni smart contract language, and products that will sit on the distributed ledger network – AxCore. Greg Schvey said: “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.” Meanwhile, Goldman MD Ashwin Gupta, added: “Axoni has established itself as a market leader in enterprise blockchain, delivering solutions that can be used at scale across financial markets. We are pleased to work with them as they execute their strategy.”
Gupta will join Axoni’s board of directors along with C. Thomas Richardson of Wells Fargo. The Schveys will also be expanding Axoni’s base of employees and furthering their burgeoning partnership with DTCC, with whom they are working on an enterprise blockchain project.