Clearmatics, a solution helping to automate business processes, has secured $12m in a Series A round.
Route 66 Ventures acted as the lead backer, with participation also coming from TNF Capital and XTX Ventures. As part of the deal, TNF Capital managing partner Samir Khosla will join Clearmatics’ board of directors.
Founded in 2015, Clearmatics is a blockchain protocol developer for decentralised clearing networks (DCN). A DCN is a private, member-owned and governed network which supports P2P transfers of financial value and automates the contractual and fiduciary operations.
The company is building a distributed ledger which will empower financial institutions to streamline payments, clearing and settlement processes. Its solution offers users the ability to settle instruments and automate post-trade processes via DCN technology.
This capital injection will be used to expand Clearmatics’ team and further the development of peer-to-peer networks, including its blockchain interoperability and transaction privacy.
Alongside this, the company will launch a protocol provider service in 2019 to support the go-to-market of its utility settlement coin project. This new service is a cohort of 17 banks and financial institutions that are building a new digital cash instrument which is collateralised by central bank money.
Clearmatics CEO Robert Sams said, “We are very excited to be working with investors who are so committed to disrupting legacy market structure through technology. This investment will enable us to create further DCNs and build a peer-to-peer ecosystem over the entire trade lifecycle, from trade execution to settlement.”
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