French blockchain startup Stratumn has raised €7m in latest round of funding to accelerate its development and expansion into the US.
The Series A investment round was led by Open CNP, the Corporate Venture arm of CNP Assurances, Otium Venture, Nasdaq and Digital Currency Group.
The investment represents the largest funding round to date in the European blockchain and data security ecosystem.
Stratumn has also entered into a co-research and development partnership with Nasdaq to leverage its Proof of Process Technology for the purpose of enhancing the software solutions and products for the capital markets.
The Proof of Process Technology streamlines regulatory and compliance procedures, improves customer privacy and data protection, and reduces operational costs, claims the company.
Stratumn co-founder and CEO Richard Caetano said: “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.”