Axoni, a NYC-based provider of distributed ledger technology to the financial services industry, raised over $2m in Series A funding.
Citi has joined the round, bringing the total amount raised to over $20m. Series A investors alsoo include Wells Fargo, NEX Group, J.P. Morgan, Goldman Sachs, Thomson Reuters., F-Prime Capital, Andreessen Horowitz, DCG, and others.
Axoni and Citi have collaborated on a number of distributed ledger deployments that have validated the technology and its benefits of data synchronization, automation, and auditability to market participants. Projects to date include the optimization of post-trade data management for credit default swaps and equity swaps, as well as the collaborative management of reference data among industry participants. Citi continues to be actively engaged in various live projects with Axoni, including the replatforming of the DTCC Trade Information Warehouse, which seeks to further streamline, automate, and reduce the cost of derivatives processing across the financial services industry.
Founded in 2013 and led by Greg Schvey, CEO, Schvey, Inc. (d/b/a “Axoni”) is a capital markets technology firm that specializes in distributed ledger infrastructure. Its product offerings include distributed ledger technology deployments, bespoke smart contract development and analytics tools.
The company was recently selected as the provider of distributed ledger technology for post-trade data management in NEX Group’s Harmony network, a connectivity provider for foreign exchange trade data between prime brokers and their clients.