Enterprise blockchain startup, Axoni, has raised $32 million in its latest funding round. The Series B investment round was led by Multinational Investment Bank Goldman Sachs and Nyca Partners while J.P. Morgan and a host of other notable Investors from Wall Street and Silicon Valley participated.
As originally reported by Forbes, many of the investors that participated in the round were also clients of the start-up who are also seeking innovation in the blockchain and distributed ledger technologies (DLTs). Co-founder and CEO of Axoni, Greg Schvey said of the partners:
“These are very strategic investors […] we have deep strategic and commercial engagements with most of them.”
Other investors in the funding round include Wells Fargo, J.P. Morgan, Citigroup, NEX Group, Franklin Templeton, Andreessen Horowitz, Y Combinator, Digital Currency Group, etc.
The investment brings the total capital raised by Axoni to $55 million after the start-up raised $18 million in 2016. The Series A investment round led by Wells Fargo and NEX Group.
Axoni sought funds to continue work on blockchain-based fintech solutions notably the development of its financial infrastructure that interoperates with the ethereum blockchain. The co-founding brothers reportedly plan to hire new engineers and also substantially increase the number of employees at the company from the present 55 persons.
Although the brothers did not give much detail, Forbes reports that Axoni will invest part of the funds to help existing clients integrate their own users into three platforms nearing completion.
Furthermore, Goldman Sachs managing director, Ashwin Gupta and Wells Fargo’s head of market structure and electronic trading services, C. Thomas will join Axoni’s board of directors
Goldman Sachs was already an investor in Axoni as a shareholder in Axoni’s partner DTCC. Axoni partnered with DTCC shortly after concluding its Series A investment round.