Digital Asset raises $120mn for Daml data network expansion

Digital Asset announced it’s raised over $120 million in Series D funding from 7RIDGE and Eldridge. Organizations across the world rely on Daml to transform disparate data silos into synchronized networks, eradicating latency and errors by guaranteeing consistent data.

Digital Asset’s customer base includes organizations across financial services, healthcare and insurance, such as the Australian Securities Exchange, BNP Paribas, Broadridge, Change Healthcare, and Hong Kong Exchanges and Clearing.

“In 2020, Digital Asset tripled its customer base, with 50% of new business coming from non-blockchain deployments,” said Emnet Rios, CFO and COO at Digital Asset, in a statement. “We saw significant demand for Daml to solve internal challenges of data silos within an organization. As a result, we expanded our product portfolio to support 10 different underlying ledgers, including traditional databases.”

Digital Asset will use this financing to continue to expand its team globally by 50% this year. The company will also enhance its product portfolio with a new interoperability protocol that enables data to seamlessly interact across blockchains and traditional databases, creating an interoperable data network across systems of record.

Digital Asset is backed by a range of strategic investors, including leading financial and technology companies Accenture, Citi, Goldman Sachs, IBM, and J.P. Morgan, among others.

Read the full release

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