DrumG Technologies, a financial technology company focused on building and operating next generation enterprise distributed ledger-based applications for the regulated global financial services industry, raised $6.5m in Series A funding.
The minority investment was made by global blockchain company ConsenSys. In conjunction with the funding, ConsenSys Founder and its CEO Joseph Lubin will join the DrumG Technologies Board of Directors.
Led by Tim Grant, CEO, DrumG will focus on building its initial applications on Ethereum Enterprise and R3’s Corda Enterprise, two of the world’s leading enterprise blockchain platforms.
The company has commenced work on two enterprise applications. The first is the Titanium Network, a decentralized, anonymous and cryptographically secured OTC consensus data solution for investment bank trading and valuation operations, which includes Credit Suisse as a network founding institution. The second solution will be a post-trade reconciliation network for hedge funds, prime brokers, fund administrators and auditors, enabling a validated, auditable and permissioned view of transactions and holdings between market participants. The solution is proposed to be built on R3’s Corda Enterprise platform with a view to deployment in late 2019.
DrumG Technologies employs 20 experienced professionals across its offices in New York, London, Singapore and Bermuda.