Stratum, the French blockchain giant, announced that it has received an additional €1 million in funding from C, a venture capital firm funded by BNP Paribas Cardif and managed by Cathay Innovation.
In mid-2017, Stratum raised €7 million from Open CNP, the corporate venture arm of CNP Assurances, Otium Venture, Nasdaq and Digital Currency Group, in a series A funding round. This additional funding brings the total to €8 million.
Stratumn primarily works on building blockchain-based tools aiming to secure the enterprise process. The firm mostly focuses on the insurance sector as this industry heavily relies on the processes that involve numerous parties who need to exchange information in a fast, traceable, secure, auditable and confidential manner.
Saturm is also the largest blockchain startup in France regarding resources and project development and has already developed more than ten projects with some financial and insurance giants.
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Stratum also partnered with Nasdaq in a co-research and development partnership. They are aiming particularity at leveraging proof of process technology and thus enhancing the fintech products of the capital market in Nasdaq’s market technology business.
After the announcement, Richard Caetano, co-founder and CEO of Stratumn, said: “We are delighted to welcome BNP Paribas Cardif among our shareholders through C. Entrepreneurs investment. Their deep expertise in the insurance field will help Stratumn further accelerate the deployment of concrete projects in this field, but also work on the company’s go-to-market strategy thanks to their sound knowledge of distribution networks. We are convinced about the value Stratumn can bring to the insurance industry and many others by using the blockchain technology and advanced cryptography to streamline inter-enterprise processes. We are looking forward to exploring every collaboration opportunity that this strategic investment will open.”
Thibaut Schlaeppi, Head of Startup Relations and Investments at BNP Paribas Cardif, added: “In insurance, business operations are often spread across several stakeholders, and this is the very case in BNP Paribas Cardif’s B2B2C environment. Stratumn’s technology not only could reshape end-to-end processes management, but should also help tackle the stakes of privacy compliance, thanks to advanced cryptography. We are thrilled to partner with Stratumn and support their development.”
The Principal of Cathay Innovation, Jean-François Cochy, stated: “Stratumn is by all standards one of the most promising companies in the field of Enterprise blockchain, and we are deeply convinced of its potential in France and internationally. We are very happy with this new investment as part of our strategic partnership with BNP Paribas Cardif and are looking forward to working with Stratumn team on its development plan.”