ConsenSys drums up $6.5m blockchain funding for DrumG
Bermuda-based DrumG Technologies has got a $6.5-million Series A minority investment from blockchain company ConsenSys.
ConsenSys is the sole investor in this funding round and its founder and CEO Joseph Lubin will serve on the DrumG board of directors.
It operates according to a “ledger appropriate” philosophy
Tim Grant, CEO of DrumG, says it will “play a significant role in driving towards the generation of true business value via the deployment of enterprise blockchain networks”.
According to DrumG, it operates according to a “ledger appropriate” philosophy, meaning the company collaborates with its network of founder institutions to assess the relative merits of 10+ enterprise grade DLT protocols and executes an evaluation framework to inform final platform selection.
This approach allows DrumG to chart a path of interoperability between blockchain platforms and business networks. The firm believes the ability to connect blockchain networks will be “critical to advancing the shared knowledge states between enterprises”. DrumG will focus the build of its initial applications on Ethereum and R3’s Corda.
The start-up employs 20 people across its offices in New York, London, Singapore and Bermuda. The team’s experience includes such banks/firms as UBS, Barclays, JP Morgan, Bloomberg, IBM, PwC, Microsoft, Thomson Reuters; while several members, including the founding team, held management positions at R3.
The company has commenced work on two enterprise applications. The first is the Titanium Network, a decentralised, anonymous and cryptographically secured OTC consensus data solution for investment bank trading and valuation operations, which includes Credit Suisse as a network founding institution. The system is being developed on Ethereum, and DrumG is preparing for a Q2 2019 live deployment.
The second solution will be a post-trade reconciliation network for hedge funds, prime brokers, fund administrators and auditors. The solution is proposed to be built on Corda platform with a view to deployment in late 2019.
