Enterprise blockchain platform Axoni has closed a $32 million Series B, with Goldman Sachs and Nyca Partners leading the round. Commitments also came from Andreessen Horowitz, Citi, Coatue Management,
Enterprise blockchain platform Axoni has closed a $32 million Series B, with Goldman Sachs and Nyca Partners leading the round. Commitments also came from Andreessen Horowitz, Citi, Coatue Management, Digital Currency Group, F-Prime Capital, Franklin Templeton Investments, J.P. Morgan, NEX Group, Wells Fargo, and Y Combinator. The funding pushes Axoni's total capital raised above $55 million, per an announcement made Tuesday.
Ashwin Gupta, managing director at Goldman Sachs, stated: "Axoni has established itself as a market leader in enterprise blockchain, delivering solutions that can be used at scale across financial markets."
The new capital supports multiple strategic objectives. Axoni is assisting the Depository Trust and Clearing Corporation's migration of its $11 trillion Trade Information Warehouse to blockchain-based infrastructure. The company will also help existing clients integrate users into three platforms nearing completion. Near-term priorities include expanding engineering staff, upgrading data synchronization technology, expanding infrastructure products for AxCore, and advancing AxLang development.
C. Thomas Richardson, head of market structure and electronic trading services at Wells Fargo Securities, compared blockchain adoption in capital markets to TCP/IP's early deployment in distributed enterprise networks. Richardson commented: "We continue to be impressed with Axoni's ability to facilitate such adoption by identifying use cases that could benefit from blockchain technology." Wells Fargo previously co-led Axoni's Series A round in December 2016.
AxCore functions as the foundational layer of Axoni's blockchain infrastructure, enabling data sharing and synchronization across institutions while maintaining the privacy, scalability, and auditability required for capital markets. AxLang is a smart contract programming language built on Scala that emphasizes functional programming and enables formal verification of smart contracts for Ethereum-compatible networks.
Schvey, Inc., founded in 2013 and based in New York, operates both Axoni and TradeBlock, an institutional cryptocurrency trading platform. Axoni has established partnerships with major investment banks, asset managers, and market infrastructure operators. AxCore has been deployed across diverse markets including complex derivatives and high-volume foreign exchange trading.
