PeerNova, an enterprise blockchain software startup that helps banks and financial institutions simplify reconciliation and other data processes, has raised $31 million in new funding.
The round was led by Mosaik Partners, with participation from retail giant Overstock’s investment arm Medici Ventures, and Intuitive Venture Partners, according to an announcement Tuesday. The round brings PeerNova’s total fundraising to $74 million.
Back in 2014, PeerNova raised an $8.6 million Series A, which was also led by Mosaik Partners. "PeerNova has solved seemingly insurmountable reconciliation, asset optimization, and data integrity challenges for the largest financial institutions, saving them millions of dollars in annual costs and freeing up billions in revenue-generating collateral and reserves," said Howard Mergelkamp, managing partner of Mosaik Partners, in Tuesday’s announcement.
For instance, in Sept. 2016, PeerNova said it is building a program for State Street to help it track the flow of funds for more transparent reporting methods for clients. The program was being developed using PeerNova's Cuneiform platform, which is built on blockchain and Big Data technologies and helps financial institutions to digitize their data processes.
"We will use [Tuesday's] round of financing to continue our mission, increase market penetration, and extend the functionality and use cases of our Cuneiform Platform," said PeerNova's president and CEO Gangesh Ganesan.