New York-based blockchain technology firm, Axoni, has a new partner, HSBC, for its Series B funding round. Axoni is a leading provider of enterprise blockchain solutions and specializes in multi-party data synchronization software.
Founded in 2013, Axoni also provides blockchain infrastructure, workflow automation tools, and distributed application development. Axoni has a strong client base including some of the world’s largest capital markets infrastructure companies and financial institutions.
Funding Allocation and Expansion Plans Ahead
The firm raised $36M USD in the latest Series B funding taking the overall total funding to $59M USD. The blockchain firm has also prepared the roadmap for the further expansion of its services with effective allocation of the funds.
Axoni will put the latest funds towards enhancing its data synchronization technology. Moreover, it will also work towards expanding the network for enterprises leveraging distributed ledgers.
Some of the funds will be allocated towards adding new infrastructure products for “mission-critical deployments of AxCore.” Furthermore, Axoni says that it will also use the funds for the development of the world’s first Ethereum-compatible smart contracting language, AxLang, which facilitates formal verification.
Strategic Partnership with HSBC IS Key to Axoni’s Growth
The strategic partnership with HSBC will open new doors for Axoni’s future growth and progress. These two firms will actively collaborate on initiatives to deploy the company’s data synchronization technology for different purposes. As a result, it will help to improve auditability, automation, and accessibility towards far-reaching global financial infrastructure.
“Distributed ledger technology will clearly be important in modernizing the shared infrastructure of capital markets. Axoni has demonstrated that they are the leader in this space and HSBC is delighted to work with them on increasing efficiency and lowering costs for the industry,” said Matthew J. Flanigan, COO of HSBC Global Banking and Markets, Americas.
In addition to HSBC, Axoni has many other premium organizations supporting it. Of note, it includes some big names like JP Morgan, Goldman Sachs, Citi Group, Wells Fargo, Franklin Templeton, and others.
The company’s CEO, Greg Schvey, showed confidence over their partnership with HSBC. Schevy also believes that the two companies together can contribute to the changing dynamics of the global fintech industry. He further added that HSBC’s “unique combination of global reach and innovative drive make them a perfect addition to our strategic investor group.”
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