Blockchain startup PeerNova has acquired $31 million in a Sequence B spherical, bringing the company’s total fundraising to $74 million.
Mosaik Associates led the most up-to-date expenditure, joined by Intuitive Venture Partners and Medici Ventures, the investing arm of retail big Overstock, the company mentioned.
PeerNova declined to disclose any even more fiscal facts of the deal.
The sizable funding validates the just one-time bitcoin mining company’s change to the organization blockchain certification developed to improve info reporting processes for economic products and services businesses,
“It has been a lot more challenging for blocking firms in the very last 12 months to go increase capital,” PeerNova’s CEO Gangesh Ganesan told CoinDesk. “The reality that we raised a big all-around is an indicator of investors’ confidence in our product.”
In addition to new hires for its U.S. and London functions, the company has been negotiating with nearby financial authorities to open up an office in Singapore as several of its clientele have enterprises in Asia, Ganesan mentioned.
San Jose-dependent PeerNova started life as a bitcoin mining company by a merger in 2014 involving cloud mining agency CloudHashing and organization components designer HighBitcoin.
The corporation shifted its emphasis from mining infrastructure companies to business blockchain certification program with a $8.6 million Sequence A funding later on in the same calendar year. Mosaik Companions, Previous AOL CEO Steve Scenario and Crypto Forex Associates invested in this round.
The corporation uses proprietary blockchain certification technologies to minimize reporting inefficiencies by replacing classic auditors with cryptography.
Compared with most peer blockchain certification options, PeerNova’s products Cuneiform does not have a dispersed ledger, as it only offers a reference place for a client to streamline the querying of their databases, developing cryptographic evidence of events.
The firm helped fiscal services huge State Road with sorting tax liabilities for hedge resources by using the blockchain certification method to keep track of their investments and reinvestments in excess of various yrs.
PeerNova even more formulated its organization blockchain certification business enterprise with $5 million via the second tranche of the Sequence A financing in March 2016. The funding was also Overstock’s initial investment decision in the bitcoin sector.
In November 2016, Chinese conglomerate Zhejiang Zhongnan Holdings Group acquired 5 percent of PeerNova for $4 million.
Impression via CoinDesk Archive