Digital Asset has raised over $120 million in Series D funding to expand its Daml data network, which is used by a host of FS giants to transform disparate data silos into synchronised networks.
7Ridge and Eldridge took part in the round for Digital Asset, whose Daml application platform is used by, among others, the Australian Securities Exchange, BNP Paribas, and Broadridge.
Daml promises to help firms create new multi-party solutions that transform disparate silos into synchronized networks, eradicating latency and errors by guaranteeing consistent data.
Digital Asset says it will use the funding to boost its global headcount by 50% and develop a new interoperability protocol that enables data to seamlessly interact across blockchains and traditional databases, creating an interoperable data network across systems of record.
Yuval Rooz, CEO, Digital Asset, says: “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."