Blockchain-based enterprise big data startup Peernova has raised $4m of its ongoing Series B round.
The investment comes from Chinese construction firm Zhejiang Zhongnan Holdings Group, which will take a 5% stake in the San Jose-based firm.
Originally launched as a bitcoin mining company Peernova’s technology is designed to enable financial institutions to secure, verify and manage data for reconciliation, audit and compliance.
Unlike many companies operating in the space Peernova does not offer a distributed ledger itself, instead it aims to provide a reference point for a company and replace the traditional auditor.
It says this means clients do not need to de-centralise ledgers or allow anonymous users to participate.
The company recently partnered with financial institution State Street to develop a programme designed to track the flow of funds with greater certainty, thereby providing State Street more transparent, timely and auditable reporting methods for clients.
Peernova aims to close its Series B round by the first quarter of 2017 and plans to launch a joint venture with Zhejiang Zhongnan.
Prior to the new funding the company has raised just shy of $20m since it was founded in 2014.
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