Digital Asset, a U.S.-based blockchain startup that created the open-source DAML smart contract language, announced on Wednesday it secured $35 million through its Series C funding round The latest financing round brings the total amount raised by Digital Asset since its establishment in 2014 to $150 million.
Digital Asset notably builds distributed, encrypted straight-through processing tools. The company’s technology claims to improve efficiency, security, compliance and settlement speed. Yuval Rooz, Co-Founder and CEO of Digital Asset, explained:
“DAML allows you to focus only on what you need to do to differentiate your product and eliminate the complexity that doesn’t provide value to your organization. Ninety percent of development time is wasted on undifferentiated work. With this new funding we will go further on this mission to focus on the 10 percent value-add by providing a world class smart contract experience regardless of where your application runs.”
Speaking about the investment round, Emnet Rios, CFO and COO of Digital Asset, shared:
“We’re delighted by our investors’ ongoing commitment to helping Digital Asset succeed and achieve its vision. This new funding will allow us to further expand our support for DAML-enabled platforms, build on the momentum we’ve seen behind DAML worldwide, and serve a growing client base across multiple industries.”
Digital Asset added that the funds will be used to accelerate the adoption of DAML across multiple industries, expand the number and variety of DAML-enabled partner products and fund new products designed to enhance the DAML developer experience, specifically project DABL, a cloud-based prototyping and production environment for DAML applications.