Mosaik Allies led the latest investment, connected by Intuitive Venture Newlyweds and Medici Ventures, typically investing arm of reseller giant Overstock, the company considered that.
Blockchain startup PeerNova has received $31 million in a Series G round, bringing the company’s superior fundraising to $74 capacité.
PeerNova refused to disclose any further financial information of the deal.
This particular sizable funding validates all one-time bitcoin mining company’s shift to the enterprise blockchain designed to improve data reporting processes for financial services businesses,
“It has been much harder for blocking companies in the last 12 months to go increase capital, ” PeerNova’s TOP DOG Gangesh Ganesan told CoinDesk. “The fact that we elevated a big around is an indicator of investors’ confidence in our model. ”
In addition to new hires for its U. S. and London operations, the company has been negotiating with local financial professionals to open an office in Singapore as many of its clients have businesses in Asia, Ganesan said.
San Jose-based PeerNova started life being a bitcoin mining company via a merger in 2014 in between cloud mining firm CloudHashing and enterprise hardware developer HighBitcoin.
The organization shifted its focus through mining infrastructure services in order to enterprise blockchain software with a $8. 6 million Series A funding later within the same year. Mosaik Companions, Former AOL CEO Dorrie Case and Crypto Currency Partners invested in this circular.
The company uses proprietary blockchain technology to lessen reporting inefficiencies by replacing traditional auditors with cryptography.
Unlike most peer blockchain solutions, PeerNova’s product Cuneiform does not have the distributed ledger, as it just provides a reference point to get a client to streamline the querying of their databases, producing cryptographic evidence of events.
The company helped finance giant Condition Street with sorting tax liabilities regarding hedge funds by using the blockchain system to track their opportunities and reinvestments over multiple years.
PeerNova further developed its business blockchain business with $5 million through the second tranche of the Series A funding in March 2016. The funding was also Overstock’s very first investment in the bitcoin sector.
In Nov 2016, Chinese conglomerate Zhejiang Zhongnan Holdings Group obtained five percent of PeerNova for $4 million .