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DrumG Technologies, a fintech startup founded by a former R3 executive, has raised $6.5 million in its Series A minority investment round.
Global blockchain company ConsenSys is the sole investor in this funding round and ConsenSys Founder and CEO Joseph Lubin is joining DrumG’s Board of Directors.
DrumG aims to build and operate next-generation enterprise distributed ledger-based applications for the regulated global financial services industry. It places high importance on blockchain interoperability and collaborates with its network of founder institutions to assess the relative merits of 10+ enterprise-grade DLT protocols and executes a highly rigorous evaluation framework to inform final platform selection.
According to the official release, the company will focus the build of its initial applications on Ethereum Enterprise and R3's Corda Enterprise. It has already commenced work on two enterprise applications:
- Titanium Network: A decentralised, anonymous and cryptographically secured OTC consensus data solution for investment bank trading and valuation operations, which includes Credit Suisse as a network founding institution. It is being developed on the Enterprise Ethereum platform, and DrumG is preparing for a Q2 2019 live deployment.
- A post-trade reconciliation network for hedge funds, prime brokers, fund administrators and auditors, enabling a validated, auditable and permissioned view of transactions and holdings between market participants. The solution is proposed to be built on R3's Corda Enterprise platform with a view to deployment in late 2019. DrumG is currently working with significant industry players to form the network of founding institutions.
“We believe in delivering solutions that generate true business value on a timeline measured in months rather than years, which requires a radically pragmatic focus on deployment, a deep understanding of financial markets from both a business and technology perspective, and hands-on experience of the strengths and limitations of different enterprise platforms,” Tim Grant, CEO of DrumG, said.
