Big data service PeerNova has picked up $7m in a new round of venture funding. The round’s investors are undisclosed.
The Silicon Valley-based company aims to serve financial institutions, exchanges and insurance companies with its Cuneiform platform.
The platform is designed to enable clients to secure, verify and manage data for reconciliation, audit and compliance at a greater scale than blockchain-based platforms normally allow.
Unlike many companies operating in the space Peernova does not offer a distributed ledger itself, instead it aims to provide a reference point for a company and replace the traditional auditor.
It says this means clients do not need to de-centralise ledgers or allow anonymous users to participate.
The new round brings the firm’s total funding to more than $30m with it previously picking up a $4m Series B round from Chinese construction firm Zhejiang Zhongnan Holdings Group in November.
Peer Nova last year partnered with financial institution State Street to develop a programme designed to track the flow of funds with greater certainty, thereby providing State Street more transparent, timely and auditable reporting methods for clients.
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