Stratumn, a leading provider of network solutions securing processes between enterprises and their stakeholders through blockchain technology and advanced cryptography, announces today the raising of €7M in a series A funding from Open CNP, the Corporate Venture arm of CNP Assurances, Otium Venture, Nasdaq and Digital Currency Group.
Less than two years after its inception and one year after its seed financing, Stratumn has now accomplished the largest funding round to date in the European blockchain and data security ecosystem.
Stratumn helps companies securing and streamlining regulatory and compliance procedures
As companies become ever more connected to one another, and the security and integrity of their data is challenged, centrally managed information systems have proved their limitations. Stratumn's Proof of Process Technology solves a core dilemma for organizations: streamlining regulatory and compliance procedures, improving customer privacy and data protection, while reducing operational and back office costs. Stratumn's suite of network solutions provides organizations with an efficient and reliable way to streamline and secure the exchange of data between partners, customers, and regulators. Enterprises who adopt this technology benefit from better accountability, traceability and integrity of their records, while regulators may audit process data in real-time.
Stratumn has already developed more than 10 projects with large companies such as CNP Assurances, Allianz France, Nasdaq, Thales, Bureau Veritas or Bouygues Immobilier, and is currently France's leading company using the blockchain technology in terms of staff and projects development.
The funding will accelerate Stratumn's development and expansion into the U.S.
This funding round constitutes a major step for Stratumn, as it will allow the company to accelerate its development, notably by focusing on research, product design, and business development, as well as by continuing to attract talented individuals to join its 15-person strong international team - the company aims to double its size by the end of 2018. Stratumn also intends to develop its international activities through a planned expansion into the United States by the end of the year. This would allow the company to become closer to key stakeholders and decision centres in their core market segments.
This round, led by Open CNP, the Corporate Venture arm of CNP Assurances, with the participation of Nasdaq, Digital Currency Group and existing investor Otium Venture, combines major corporate and financial investors from France and the United States. In addition to enabling Stratumn's development through additional funding, these investors will support Stratumn's growth in their respective fields and geographies through partnerships and knowledge sharing, which will help the company reinforce its existing links with the insurance, capital markets and digital currency ecosystems.
Stratumn and Nasdaq have also entered into a co-research and development partnership, which aims at leveraging Proof of Process Technology to enhance the software solutions and products for the capital markets, particularly in Nasdaq's Market Technology business and its own enterprise technology unit.
Richard Caetano, Co-founder and CEO of Stratumn declared: "We are very pleased to have successfully closed this series A round, which represents a major milestone for Stratumn. Our new investors will enable Stratumn to continue and accelerate its development and more effectively address growing needs in our markets. We are especially happy with the continued and increased support from Otium Venture, who have accompanied us for a year, and excited to welcome CNP Assurances, Nasdaq and Digital Currency Group, who will help us reinforce Stratumn's presence in the insurance and capital markets sectors. We are very confident about Stratumn's development prospects in the upcoming months and years. The successful closing of this round, as well as our investor's commitment as strategic partners, is rocket fuel which will power the development and launch of Proof of Process Technology."
Magali Noé, CDO of CNP Assurances said: "Blockchain technology makes processes more reliable and streamlines information flows for consortiums. We would like to promote this technology to our partners and to insurance industry players using the Proof of Process Technology developed by Stratumn. This investment is part of the €100 million that CNP Assurances allocates to start-ups over a five-year period through its Open CNP programme and is the fourth Open CNP investment to date."
Bruno Raillard, Partner at Otium Venture, added: "We have been strong supporters since Stratumn's seed round one year ago. We were struck by the clarity and ambition of Richard's vision: enabling companies to embed security, traceability and transparency into their mission-critical business processes. The opportunity is massive. It's not about the $40bn+ of potential savings on compliance and back-office costs in capital markets, insurance and energy alone; it's about building the layer of trust that the network economy really needs to blossom. We're thrilled to see Stratumn grow and to be part of this important step."