Axoni, a blockchain startup developing solutions for financial services, has picked up $18m in a Series A round.
The funding was co-led by Wells Fargo and Euclid Opportunities – the fintech investment arm of financial services firm ICAP.
The round attracted other Wall Street heavyweights Goldman Sachs, J.P. Morgan and Thomson Reuters.
VC firms Andreessen Horowitz, FinTech Collective, F-Prime Capital Partners and Digital Currency Group also participated.
The investment comes as more financial services firms take an interest in blockchain and distributed ledger technology’s potential to greatly reduce transaction costs and increase efficiency.
Axoni’s offerings include distributed ledger technology deployments, bespoke smart contract development and analytics tools.
Company CEO Greg Schvey said: “We are delighted to have strategic support from global leaders in financial services.
“The changes already underway based on distributed ledger technology will have a profoundly positive impact on the industry.
“Axoni is excited to help drive that progress alongside our investors and clients.”
The New York-based company claims it has already seen some successful, high-profile deployments of its technology.
These include areas such as post-trade data management for credit default swaps, equity swaps and foreign exchange derivatives.
Axoni claims it has implemented these services with a dozen global banks and financial infrastructure providers.
C. Thomas Richardson, head of market structure and electronic trading services at Wells Fargo Securities said: “Axoni has developed proprietary Smart Contract technology and has successfully validated this technology in a variety of Capital Markets use cases.
“We have been impressed by the high-caliber team, their deep domain knowledge, and disciplined approach to product development.”
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