Axoni collects $32m in Series B led by Goldman Sachs, Nyca Partners

Blockchain solution developer Axoni has collected $32m in its Series B round of financing, led by Goldman Sachs and Nyca Partners.

Other participants to the round 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 is a blockchain technology developer which builds solutions for investment banks, asset managers and market infrastructure companies. One of the solutions built by Axoni was a foreign exchange post-trade solution which was able to automate the consumption of FX data and synchronise the information to all industry participants.

Another service developed by Axoni was a credit derivatives service which was able to streamline the process while eliminating disjointed, redundant and associated reconciliation services.

This capital injection will be used to enhance Axoni’s data synchronisation technology, expand its suite of infrastructure products and widen its network of enterprises using distributed ledgers. Capital will also be used to support the development of AxLang, an Ethereum-compatible smart contracting language to enable formal verification.

Wells Fargo securities head of market structure Thomas Richardson said, “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.”

This series brings Axoni’s total funding since its foundation in 2013 to $55m. The company raised its Series A in late 2016, backed by NEX Opportunities, and following a later contribution from Citi in 2017, the series closed on over $20m.

Earlier in the month, Goldman Sachs took part in the $18.8m Series A funding round of financial services API developer Even Financial.

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