Paris-based network solutions provider Stratumn has received €7m in its Series A funding round.
The funding round, which is the largest ever in the European blockchain and data security sector, saw investments from Open CNP, Otium Venture, Nasdaq and Digital Currency Group.
Stratumn offers network security solutions through its blockchain and cryptography technology, helping with securing and regulatory and compliance procedures.
The company improves customer privacy and data protection, while reducing operational and back office costs, with regulators able complete the audit process data in real-time.
With the capital, Stratumn hopes to boost research, design and business development, while also expanding its presence in the US by the end of the year.
The company is plans on hiring more to its 15-person team, with an aim to double it by the end of 2018.
Last year the company received a $670,000 seed investment, which came only a year after its launch in 2015.
Stratumn co-founder and CEO Richard Caetano said, “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.”
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