Banking News

Overstock, Mosaik lead blockchain fintech PeerNova’s $31m funding round

financial services

Yesterday, California-based fintech firm PeerNova said it raised $31 million in a funding round led by Mosaik Partners, Intuitive Venture Partners and Overstock.com’s Medici Ventures. With this round, the total funding of the company stands at $74 million.

Overstock.com previously invested in the company during its Series A funding round.

Founded in 2013, PeerNova offers a blockchain data management solution through its Cuneiform platform. It allows apps to be built on top, with a focus on data integrity. PeerNova said it enables financial institutions to link multiple internal and external systems by hashing transactions stored over a blockchain.

Cuneiform allows auditors and custodians to monitor complex transactions as they progress, and quickly spot flaws to streamline the process. As all systems use a shared ledger, it will enable financial organizations to keep track of their assets, internal transactions, SWIFT payments, plus securities and currency trades. According to the firm, this synchronization of data reduces reconciliation times and automates exception processes.

“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 at Mosaik Partners.

PeerNova started as a bitcoin mining company but later shifted its focus towards big data and distributed ledger technology. In 2016, it teamed up with financial services company State Street to use blockchain for tracking the flow of investment capital for fund managers. State Street is a backer of the Utility Settlement Coin (USC).

Meanwhile, Overstock.com has invested in Evernym for identity and food traceability firm GrainChain. Its subsidiary tZERO is using blockchain for entertainment financing, whereas Medici has land registry deals in Mexico and the West Indies.