Digital Asset, the creators of the Daml multi-party application platform, announced it has raised over $120 million in Series D funding, allowing the company to expand its team and enhance its product portfolio with a new interoperability protocol that enables data to seamlessly interact across blockchains and traditional databases.
The funding round was lead by 7RIDGE and Eldridge. 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.
“In 2020, Digital Asset tripled its customer base, with 50% of new business coming from non-blockchain deployments,” said Emnet Rios, CFO and COO at Digital Asset. “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.”
Leading organizations across the world rely on Daml to transform disparate data silos into synchronized networks, eradicating latency and errors by guaranteeing consistent data, according to the vendor.
Digital Asset’s customer base includes organizations across financial services, healthcare and insurance, such as the Australian Securities Exchange, BNP Paribas, Broadridge, Change Healthcare, and Hong Kong Exchanges and Clearing.
“Without Daml, workflows cannot be shared privately and securely within and across organizations, leading to inconsistent data, expensive to adapt architectures, and a lack of common interfaces,” said Yuval Rooz, Co-Founder and CEO at Digital Asset. “This latest financing validates our vision of a global economic network that enables interoperable systems of record regardless of the underlying technology.”
The company also announced that Carsten Kengeter and Veronica Augustsson of 7RIDGE have joined the Digital Asset Board.
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.
For more information about this news, visit www.digitalasset.com