Zurich-based blockchain startup B3i Service AG has increased its capital by $16 million in February, according to recently published filings from the Swiss commercial register.

B3i Service AG — a blockchain initiative formed by “Blockchain Insurance Industry Initiative” B3i in 2018 and run by several international insurance companies including Munich Re and Swiss Re — has raised about $16 million, having maximized its capital to 22,475,945 Swiss francs ($22.6 million).

According to the filings, the company raised 8.27 million Swiss francs ($8.34 million) in the form of cash, while the remaining part of the sum, 7.9 million Swiss francs ($7.9 million) comes as converted debt.

The consortium purportedly intends to develop a blockchain trading platform for a value-added chain of the entire insurance industry, wherein B3i Services AG is set to implement the results in a functioning block-based trading system.

The blockchain space has witnessed the formation of other insurance-related consortia. In January, United States-based health insurance giant Aetna partnered with IBM to create a blockchain network tailored to the healthcare industry.

The project is set to streamline insurance claims processing and payments, as well as manage directories. Further members from the healthcare and technology sectors are reportedly expected to join the project in coming months, according to the statement.

Previously, enterprise software firm focused on distributed database technology, R3 expanded its mandate to include insurance companies. Last December, 26 French finance and insurance companies and five major banks completed a Know Your Customer (KYC) test based on R3’s Corda blockchain platform.