DrumG Technologies, which develops distributed ledger-based applications for financial services, has raised a $6.5m Series A minority investment from ConsenSys.
ConsenSys acted as the only investors to the round and as part of the deal, company founder and CEO Joseph Lubin will join the company’s board of directors.
DrumG collaborates with its founder institutions network to create decentralised-ledger applications, helping to connect various blockchain platforms and business networks. The company’s initial products will be made on the Ethereum Enterprise and R3 Corda Enterprise blockchain platforms.
There are currently two applications under development from DrumG. Its first product is the Titanium Network which is a decentralised, anonymous and cryptographically secured OTC consensus data solution for bank trading and valuation operations. Credit Suisse is a network founding institution.
Titanium Network, which is expected to launch Q2 2019, will provide quicker and cheaper processes and give banks better control of OTC data.
Its second solution being built is a post-trade reconciliation network for hedge funds, prime brokers, fund administrators and auditors. This service will enable a validated, auditable and permissioned view of transactions and holdings between market participants, according to the company.
The application will be made through R3’s Corda Enterprise and has a planned launch for late next year.
DrumG CEO Tim Grant said, “We believe in delivering solutions that generate true business value on a timeline measured in months rather than years, which requires a radically pragmatic focus on deployment, a deep understanding of financial markets from both a business and technology perspective, and hands-on experience of the strengths and limitations of different enterprise platforms.”
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