Salesforce and Samsung Join Digital Asset’s Second Series C Funding

On Feb 5, 2020 at 3:35 pm UTC by Osaemezu Ogwu · 3 min read
Salesforce and Samsung Join Digital Asset’s Second Series C Funding
Photo: Salesforce / LinkedIn

Venture divisions of Salesforce and Samsung joined a second Series C funding round for a startup called Digital Asset that had already gathered $35 million from investors.

Digital Asset, a New York-based financial technology company that builds products based on distributed ledger technology for regulated financial institutions, has acquired investments from Salesforce Ventures and Samsung Venture Investment Corp in the second closing of its Series C funding round. It was revealed on Tuesday, February 4, 2020.

Following the $35 million raised in its first Series C raise that concluded in December 2019, the company behind the open-source DAML smart contract language, Digital Asset ran another round, which it announced via a press release on its website on Tuesday.

The first round bagged fundings from the Australian Securities Exchange (ASX), Jefferson River Capital, as well as other firms, helping to bring the company’s overall fundraising to $150 million.

More giant technology companies joined the second round of the Series C funding. Among them were venture divisions of Samsung and Salesforce. As per the press release, the new investments will be utilized to advance DAML’s adoption across industries, to expand the company’s partner products, and to also fund fresh products that enhance the developer experience.

Commenting on the development, the CEO and co-founder of Digital Assets, Yuval Rooz, stressed the potential of the company and mentioned that it is attracting giant technology firms:

“Salesforce Ventures and Samsung joining our Series C financing round demonstrates the potential that technology giants see in DAML as the standard for smart contracts.”

While Digital Asset has taken a massive leap with its latest report, the New York-based firm has got even more good news to tell the world. As per the press release, the company has also made a new and significant addition to its leadership team.

Former Microsoft corporate vice president, Susan Hauser, has been corporated into its board of directors. Susan reflected on her time as DA’s advisor and mentioned what she learned from the project:

“During my time as an advisor to Digital Asset, I quickly learned how transformative smart contracts could be for a variety of use cases and across industries. We are going to see the adoption of smart contracts — and languages like DAML — take-off in the near future,”

“I look forward to lending my expertise and helping DA expand its go-to-market activities and transform entire industries with DAML, delivering innovation without compromising trust,” she added.

In a similar development, Singapore-based FinTech startup M-DAQ also received massive funding from Samsung Venture Investment Corporation. Coinspeaker reported this on November 11, 2019.

Meanwhile, Lamborghini and Salesforce struck a partnership to authenticate cars using blockchain technology towards the end of last year. The collaboration between the two firms will help in innovating and transforming the vintage car market with cutting-edge technology.

Blockchain, Business, Investors, News, Technology
Osaemezu Ogwu
Author: Osaemezu Ogwu

Author Osaemezu Ogwu is a cryptocurrency journalist with several years of experience in the crypto-verse.

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