Startup PeerNova, which develops blockchain-based solutions for financial institutions, has successfully raised $31 million in a Series B funding round, the company announced in a press release on 22 October.
According to the announcement, the latest investment effort was led by Mosaik Partners, with participation from Intuitive Venture Partners and Medici Ventures, the investing arm of Overstock.
With the completion of the Series B funding round, the company’s total fundraising has reached $74 million.
PeerNova’s President and CEO, Gangesh Ganesan, said in the press release:
“We are committed to further building our unique solution that solves relevant, timely, and pertinent problems that plague data and process integrity in the financial industry. We will use this round of financing to continue our mission, increase market penetration, and extend the functionality and use cases of our Cuneiform Platform™.”
The California-based software company was first created in 2014, when it started off as a bitcoin mining company.
Later that year the company raised $8.6 million in a Series A funding, in order to shift its focus to enterprise blockchain software.
The company’s Cuneiform Platform is unique in that it does not have a distributed ledger, but only provides a reference point to its clients, helping them streamline the querying of their databases.
It also helps financial institutions to synchronize their data across multiple internal and external systems, which provides greater end-to-end operational visibility across workflows in real-time.
Atiq S. Raza, PeerNova’s Chairman of the Board, said:
“PeerNova is an innovative company with an exciting technology that will make current data integrity challenges obsolete. Today, data is an ever-growing asset for any company. This is particularly true for financial institutions for which data is mission-critical.”