PeerNova, Inc., a leading enterprise software company in the financial industry today announced it had raised $31M in growth funding led by an existing investor, Mosaik Partners.
Medici Ventures and Intuitive Venture Partners also joined this round to show their continued support for PeerNova. This round of funding brings the total fundraising to $74M.
"We are very excited to announce this round of funding," said Gangesh Ganesan, PeerNova's President, and CEO. "We are committed to further building our unique solution that solves relevant, timely, and pertinent problems that plague data and process integrity in the financial industry. We will use this round of financing to continue our mission, increase market penetration, and extend the functionality and use cases of our Cuneiform Platform™."
PeerNova's Cuneiform Platform enables financial institutions to attain end-to-end digitization by unifying disparate sources of data and lifecycle events. The Platform allows financial institutions to perpetually synchronize their data across multiple internal and external systems thereby guaranteeing data and process integrity. This perpetual synchronization simplifies reconciliation, automates exception processing, and provides greater end-to-end operational visibility across workflows in real-time.
"PeerNova is an innovative company with an exciting technology that will make current data integrity challenges obsolete," said Atiq S. Raza, PeerNova's Chairman of the Board. "Today, data is an ever-growing asset for any company. This is particularly true for financial institutions for which data is mission-critical."
Founded in 2013 by entrepreneurs with deep expertise in blockchain, big data, and financial infrastructure, PeerNova solves some of the most prevalent challenges in the financial industry.
"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. "We are excited to lead this growth round to bring PeerNova's extraordinarily high-value solutions to financial institutions globally."
"PeerNova's world-class team is the force behind bringing this unique blockchain-based platform to market," said Jonathan Johnson, President of Medici Ventures, and a PeerNova board member. "PeerNova has products in production that are solving key trust and transparency challenges, removing friction, and allowing clients to seamlessly use their resources more efficiently."