Axoni snags major funding to expand blockchain offerings

New York-based enterprise blockchain technology venture, Axoni, has raised $32 million in a Series B round led by Goldman Sachs and Nyca Partners.

This brings its total funding to date $55 million. The round also included Andreessen Horowitz, Citi, Coatue Management, Digital Currency Group, F-Prime Capital, Franklin Templeton Investments, J.P. Morgan, NEX Group, Wells Fargo and Y Combinator.

Axoni will use the cash to enhance its data synchronisation technology, expand its suite of infrastructure products to support its AxCore technology, deployed across such markets as complex derivatives and high-volume foreign exchange, and broaden the network of enterprises leveraging distributed ledgers. It will also advance development of AxLang, the Ethereum-compatible smart contracting language which enables formal verification.

“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 our technology,” says Greg Schvey, CEO of Axoni.

“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,” comments Ashwin Gupta, Managing Director of Goldman Sachs.

“We are pleased to be part of Axoni’s journey since co-leading their Series A financing back in December 2016, and we are excited to see their progress made to date,” says C. Thomas Richardson, Head of Market Structure and Electronic Trading Services at Wells Fargo Securities.

“The adoption of distributed ledger protocols in capital markets resembles the early days of adopting TCP/IP for distributed enterprise applications. We continue to be impressed with Axoni’s ability to facilitate such adoption by identifying use cases that could benefit from blockchain technology.”