Regtech blockchain startup Stratumn just landed $7.8 million in Series A financing. This sum brings the company’s total funding to just over $8 million when combined with the $670k seed money it received in March of 2016.
The round was led by CNP Ventures, with contributions from Otium Venture, Nasdaq and Digital Currency Group. Stratumn will use the funds to accelerate development by focusing on research, product design, and business development. The company will also address human resources, with a plan to double its 15-person workforce by the end of next year. While Stratumn has already developed 10 projects with NASDAQ, along with a handful of France-based corporations– including CNP Assurances, Allianz France, Thales, Bureau Veritas and Bouygues Immobilier.
Stratum also announced today that it is deepening its collaboration with the Nasdaq via a new, strategic partnership. The co-research and development partnership aims to leverage Proof of Process Technology “to enhance the software solutions and products for the capital markets, particularly in Nasdaq’s Market Technology business and its own enterprise technology unit.”
In a press release, Stratumn CEO Richard Caetano said:
“We are very confident about Stratumn’s development prospects in the upcoming months and years. The successful closing of this round, as well as our investor’s commitment as strategic partners, is rocket fuel which will power the development and launch of Proof of Process Technology.”
Above: Stratumn CEO Richard Caetano presenting at FinDEVr New York 2016
Founded in 2015, Paris-based Stratumn’s Proof of Process technology helps streamline and secure the exchange of data among partners, customers, and regulators by leveraging the blockchain. At FinDEVr New York 2016, Caetano, gave a presentation titled Building and Securing Smart Workflow Using Chainscript and the Stratumn Blockchain Development Platform.