In the financial world, system integration and data collection are the primary factors that drive this sector. For stakeholders, getting a robust system in place is the way to go. This has led many firms coming out to fill this gap by leveraging blockchain technology to connect all systems. Among the firms taking on the financial sector is PeerNova Inc., which just raised $31 million.
At the leading front, PeerNova Inc. had Mosaik Partners, one of its existing partners, coming in as an investor. However, besides Mosaik, Intuitive Venture and Medici Ventures formed the list of investors. Now, PeerNova has a total of $74 million worth of funds.
Funds to Help PeerNova Expand into Other Markets
While banking on its Cuneiform Platform to change how stakeholders in the financial industry handle their data, PeerNova is now eyeing on entering other markets. With funds already in place, nothing is holding it back from venturing off into other markets. A fact echoed by Gangesh Ganesan, CEO and PeerNova’s President who said,
“We are more than excited to inform the public about this new round of funding. As a firm whose primary goal is to get rid of data-related problems in the financial industry, the additional funds will help a lot. Besides channeling part of the funds into market penetration, we will also use some to expand the functionality of our platform.”
Cuneiform Platform is a blockchain-based platform whose primary goal is to unify the different lifecycles events and sources of data in the financial world. However, through its integration, stakeholders are also set to benefit from the transparency brought forth by the platform.
Through the synchronization and automation of different financial systems, data integrity is guaranteed. However, the latter will do more than just improving the integrity of data. Automation will get rid of redundancies clogging up systems, which in turn will save stakeholders millions of dollars in operational costs. Additionally, it will also help increase revenue for financial institutions.
“As a firm, PeerNova has helped get rid of data integrity challenges by automating their systems and saving them millions of dollars.” Howard Mergelkamp, Managing Partner at Mosaik Partner. “We are happy to be part of this growth by leading from the front.”
By integrating all systems into one through blockchain technology, the Silicon Valley-based tech firm will help drive growth in the financial world.