Silicon-Valley-based PeerNova Inc. announced yesterday that it has closed a $8.6 million first round of Series A funding led by Mosiak Partners.
The round also includes funding from angel investor Steve Case, Founder and CTO of FireEye Ashar Aziz, venture capital veteran Pierre Lamond, CALIENT CEO Atiq Raza, Crypto Currency Partners and other investors.
A blockchain is a cryptographic immutable ledger of transactions that enables secure financial asset transfer and asset registry applications that do not need trusted 3rd parties and intermediaries, thereby reducing transaction costs significantly.
PeerNova says that it will use the new funding to boost investments in research and development, accelerate the launch of its Software as a Service (SaaS) platform and expand its service delivery capabilities by growing sales, marketing and support teams.
Announcing the investment, Dr. Naveed Sherwani, CEO of PeerNova said:
This is a significant step that further solidifies our belief in the blockchain as the remarkable invention of the 21st century. This investment will help us hire the best of breed in software engineering talent, expediting our development timelines. We will be launching our first industry-leading applications in 2015.
Miles Kilburn of Mosaik Partners will be joining PeerNova’s Board of Directors. Kilburn said this:
We are very excited about the enormous potential of block chain technology to serve as a platform to reduce friction, costs, and improve security in e-commerce financial and other transactions. We could not be more pleased to partner with the team at PeerNova.
GCA Savvian Advisors, LLC acted as the exclusive advisor to the funding round.
In November, Blockchain technology startup Blockstream received $21 million in a seed round from a group of high profile Silicon Valley entrepreneurs and technologists, who were behind such juggernauts as Google, Paypal, Microsoft, Yahoo, Sun Microsystems, and Linkedin.