Digital Asset, the developers of the Daml multi-party application platform, revealed on Wednesday (April 21, 2021) that they have secured more than $120 million in capital through a Series D funding round from 7RIDGE and Eldridge.
As stated in a release shared with Crowdfund Insider:
“Leading organizations across the world rely on Daml to transform disparate data silos into synchronized networks, eradicating latency and errors by guaranteeing consistent data. Digital Asset’s customer base includes organizations across financial services, healthcare and insurance, such as the Australian Securities Exchange, BNP Paribas, Broadridge, Change Healthcare, and Hong Kong Exchanges and Clearing.”
Last year, Digital Asset managed to triple its client base, with around 50% of new business coming from “non-blockchain deployments,” according to Emnet Rios, CFO & COO at Digital Asset.
Rios further noted that they saw considerable demand for Daml to address internal challenges of data silos within an organization. He added that “as a result, we expanded our product portfolio to support 10 different underlying ledgers, including traditional databases.”
Digital Asset will use the capital acquired to further expand its team internationally by 50% during 2021. The firm said it will also focus on improving its product offering with a new interoperability protocol that “enables data to seamlessly interact across blockchains and traditional databases, creating an interoperable data network across systems of record.”
Yuval Rooz, Co-Founder and CEO at Digital Asset, remarked:
“Without Daml, workflows cannot be shared privately and securely within and across organizations, leading to inconsistent data, expensive to adapt architectures, and a lack of common interfaces. This latest financing validates our vision of a global economic network that enables interoperable systems of record regardless of the underlying technology.”
The firm also confirmed that Carsten Kengeter and Veronica Augustsson of 7RIDGE have now joined the Digital Asset Board.
Carsten Kengeter noted:
“Complex and ever-growing data requires transparent and reliable multi-party data access and sharing founded on one canonical source of truth. Using Daml, organizations can move to a data centric business model. Write Once, Run Everywhere, Connect to Anything. We look forward to working with the visionary Digital Asset team.”
Michele Trogni, Operating Partner at Eldridge, stated:
“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.”
The latest round of funding has come after a $45 million Series C investment round was finalized by Digital Asset last year, which included participation from tech firms Salesforce, Samsung and VMware, along with contributions from existing investors.
Digital Asset is backed by Accenture, Citi, Goldman Sachs, IBM, and J.P. Morgan, among other major organizations.