French blockchain start-up Stratumn has raised $7.9m in Series A funding round
French blockchain technology start-up Stratumn has succeeded in raising the largest ever funding round in the European blockchain and data security industry, with a total of $7.9m secured from investors such as Nasdaq and Open CNP.
The funding will be used to help propel Stratumn into the US marketplace, whilst also aiming to double in size its current 15-employee international team by the end of 2018.
Open CNP - the Corporate Venture arm of CNP Assurances - led the Series A funding round and was followed by Nasdaq, Digital Currency Group and Otium Venture, with the latter already an existing investor.
Whilst Stratumn was founded just two years ago, it has enjoyed success developing network technologies to secure processes between enterprise partners, customers and regulators.
Its crowning jewel is a Proof of Process Technology system that is used to help streamline and ensure security in critical processes between businesses by combining its blockchain networks and advanced cryptography.
Richard Caetano, Co-founder and CEO of Stratumn, said that he was 'very pleased' to see the success in this funding round and declared it a 'major milestone.'
"Our new investors will enable Stratumn to continue and accelerate its development and more effectively address growing needs in our markets," commented Mr. Caetano.
"This success and our investor’s commitment as strategic partners is the rocket fuel which will power the development and launch of our Proof of Process Technology."