Digital Asset, a multi-party application platform, has closed its Series D?round on $120m.
The capital was supplied by 7RIDGE and Eldridge.
Funds from the round have been earmarked to help Digital Asset expand its team by 50%. The FinTech also plans to enhance its product portfolio with a new interoperability protocol that enables data to seamlessly interact across blockchains and traditional databases. It claims this will create an interoperable data network across systems of record.
The FinTech tripled its customer base in 2020, with 50% of the new business coming from non-blockchain deployments, as companies look to prevent data silos.
Digital Assets helps companies get distributed applications to market faster. Companies can create new multi-party solutions that transform disparate silos into synchronized networks, which can remove latency and errors by having consistent data, it claims.
Eldridge operating partner Michele Trogni said, ?Data is vital to the core of business operations.. Digital Asset has the expertise to build the future of data management, creating a trusted ecosystem of data sharing and synchronization that spans organizations, both internally and externally. We are excited to be on this journey with Digital Asset.p>
The company previous funding round was a $45m Series C in 2020. Investors included Salesforce, Samsung and VMware.
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