Just two years after the launch, Stratumn can boast of the largest funding round to date in the European blockchain and data security ecosystem.
The round combines major corporate and financial investors from France and the United States. It was led by Open CNP, the Corporate Venture arm of CNP Assurances, with the participation of Nasdaq, Digital Currency Group and existing investor Otium Venture. The investors have not only contributed to further development of Stratumn, they will also support Stratumn’s growth in respective fields and geographies through partnerships and knowledge sharing.
“We are very pleased to have successfully closed this series A round, which represents a major milestone for Stratumn. 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”, Richard Caetano, Co-founder and CEO of Stratumn, says. “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.”
Stratumn focuses on the development of network technology to secure processes between enterprise partners, customers and regulators. Its achievement, Proof of Process Technology, is a combination of blockchain networks and advanced cryptography intended to provide data security and privacy, reduce operational frictions and costs as well as streamline and secure the critical processes between organizations.
Stratumn has also partnered with Nasdaq to leverage Proof of Process Technology to enhance the software solutions and products for the capital markets, particularly in Nasdaq’s Market Technology business and its own enterprise technology unit.
Two years of fruitful work resulted in more than 10 projects with large companies such as CNP Assurances, Allianz France, Nasdaq, Thales, Bureau Veritas or Bouygues Immobilier. Now, Stratumn is a leading company using the blockchain technology in terms of staff and projects development in France.
The funding will help Stratumn to spread to the US. The company will be able to focus on research, product design, and business development. The raised funds will also allow to attract talents to join its 15-person strong international team that is planned to double in size by the end of 2018.
Magali Noé, CDO of CNP Assurances, one of major Stratumn’s investors, said: “Blockchain technology makes processes more reliable and streamlines information flows for consortiums. We would like to promote this technology to our partners and to insurance industry players using the Proof of Process Technology developed by Stratumn. This investment is part of the €100 million that CNP Assurances allocates to start-ups over a five-year period through its Open CNP programme and is the fourth Open CNP investment to date.”
Stratumn was launched by two enthusiasts, Richard Caetano (CEO) and Stephan Florquin (CTO). They were inspired by the bitcoin whitepaper and bitcoin’s real world success and managed to create a strong team of professionals that will definitely grow and develop in the future.