Goldman Sachs and Nyca Partners have led a series B funding round of $32 million for Axoni.

Other notable contributors were JP Morgan, Andreessen Horowitz, Wells Fargo, Citi, Franklin Templeton Investments, Digital Currency Group, F-Prime Capital, and Y Combinator.

Axoni is a blockchain-based startup for enterprises. It was founded in 2013 with the aim of transforming enterprise infrastructure.

The completion of its series B funding now brings its total financing to $55 million.

“Our strategic partners have been critical to our success so far; we are delighted to strengthen and expand those relationships with this financing as we continue to deploy Axoni’s technology,” said Greg Schvey, CEO of Axoni

The start-up provides the technology needed for blockchain networks, distributed applications, enterprise infrastructure, and workflow automation.

$18M Series A from major investors

The start-up’s series A funding round in 2016 had seen the company raise $18 million. The round was led by Wells Fargo, with contributing investors including major players like JP Morgan, Goldman Sachs, and Andreessen Horowitz.

Axoni had also stated that Citi had added to the Series A financing by contributing an undisclosed amount sometime in May 2017.

The completion of the latest round gives the company room to implement a number of projects earmarked for development.

According to the firm, the raised amount will help the New York-based start-up to continue the development of its data synchronization technology. Also in line for development is the Axlang, the firm’s Ethereum-compatible language for smart contracting.

It has also revealed that it will be using part of the funds to revamp AxCore products that relate to its auditable distributed ledger technology (DLT) network.

AxCore

Axoni has stated that AxCore serves as the underlying framework that allows for the seamless sharing and synchronization of data between systems and institutions.

The tech is deployed in an environment that maintains privacy, ensures scalability, and auditability; aspects of its operations that are vital for capital markets and financial institutions.

Axoni entering the growth and expansion phase

Additionally, Greg Schvey has elaborated that the next step is to expand the reach of its products. The target is to increase the number of enterprises and companies that utilize its distributed ledger technology.

Wells Fargo’s C. Thomas Richardson said that the company was excited to have been part of Axoni’s growth since the launch of Series A financing in December 2016.

He also added that:

“the adoption of distributed ledger protocols in capital markets resembles the early days of adopting TCP/IP for distributed enterprise applications,”

The firm is making solid moves within the industry. For instance, both JP Morgan and Goldman Sachs participated in trials of equity swaps for distributed ledgers using its AxCore framework.

Axoni’s partnership with Clearmatics also sought to make blockchain interoperability a reality. Its technology makes it possible for anyone to issue derivatives contracts on a given blockchain but then have them settled on another.