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Enterprise software company PeerNova has secured $31 million in a strategic funding round led by an existing investor, Mosaik Partners.
According to a press release, the round also saw participation from Medici Ventures and Intuitive Venture Partners. It brings the total fundraising to $74M.
PeerNova was formed in May 2014 when Cloudhashing.com and HighBitCoin signed a merger agreement. With an initial focus on providing enterprise bitcoin mining infrastructure, PeerNova soon made a pivot towards providing enterprise blockchain software solutions, CoinDesk reported.
Commenting on the latest funding round, Gangesh Ganesan, PeerNova's President and CEO, said, “We are committed to further building our unique solution that solves relevant, timely, and pertinent problems that plague data and process integrity in the financial industry. We will use this round of financing to continue our mission, increase market penetration, and extend the functionality and use cases of our Cuneiform Platform."
PeerNova's Cuneiform Platform enables financial institutions to attain end-to-end digitization by unifying disparate sources of data and lifecycle events. By perpetually synchronizing data across multiple internal and external systems, the platform helps financial institutions to simplify reconciliation, automate exception processing, and provide greater end-to-end operational visibility across workflows in real-time.
"PeerNova has solved seemingly insurmountable reconciliation, asset optimization, and data integrity challenges for the largest financial institutions, saving them millions of dollars in annual costs and freeing up billions in revenue-generating collateral and reserves," said Howard Mergelkamp, Managing Partner at Mosaik Partners.
"We are excited to lead this growth round to bring PeerNova's extraordinarily high-value solutions to financial institutions globally."
In May 2019, PeerNova announced the availability of its Cuneiform Platform Multi-Node DLT on the Google Cloud Platform (GCP) Marketplace. This basically allows for automated deployment and management of the Cuneiform Platform in a multi-party workflow model on a distributed ledger.
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