Digital Asset raises $120M Series D funding to capture the blockchain smart contract market with DAML and expand its global team
Digital Asset is a New York-based blockchain startup that helps companies of all sizes and across industries get distributed applications to market faster, and stay there longer. At the core of its service offering is Digital Asset Modeling Language (DAML), an application platform unconstrained by organizational boundaries, which has now been open-sourced.
We covered Digital Asset back in the winter of 2019 after the blockchain startup closed a $35M Series C to accelerate the adoption of DAML across multiple industries. Since then, Digital Asset has been working with partners and platform vendors to enable DAML applications to run on multiple distributed ledgers, including VMware Blockchain, Hyperledger Sawtooth, Hyperledger Fabric, Corda, and Amazon’s QLDB and Aurora databases.
Today, Digital Asset announced it has raised over $120 million in Series D funding 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. The funding came from 7RIDGE and Eldridge.
Commenting on the funding, CEO & Co-founder, Yuval Rooz said “Without DAML, workflows cannot be shared privately and securely within and across organizations, leading to inconsistent data, expensive to adapt architectures and a lack of common interfaces. This latest financing validates our vision of a global economic network that enables interoperable systems of record regardless of the underlying technology.”
Leading 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.
Founded in 2014 by Don Wilson, Sunil Hirani, Digital Asset develops distributed ledger technology intended to build distributed, encrypted straight-through processing tools. Its technology offer tools for digital ledgers to track and settle digital and mainstream financial assets in a cryptographically secure environment, enabling the financial services industry to improve their efficiency, security, compliance, and settlement speed.
“DAML allows you to focus only on what you need to do to differentiate your product and eliminate the complexity that doesn’t provide value to your organization,” said Yuval Rooz, co-founder and CEO of Digital Asset. “Ninety percent of development time is wasted on undifferentiated work. With this new funding, we will go further on this mission to focus on the 10 percent value-add by providing a world-class smart contract experience regardless of where your application runs.”