DrumG Technologies, a blockchain startup started by R3’s former head of global business development Tim Grant, has raised US$6.5 million in a Series A funding round from Ethereum development studio ConsenSys AG, the startup announced[1] on Monday. ConsenSys was the sole investor in this funding round. ConsenSys founder and CEO and Ethereum co-founder Joseph Lubin will join the DrumG Technologies board of directors.
“We are excited to partner with DrumG Technologies as a strategic investor and as a part of our broad portfolio of activity in the enterprise distributed ledger space,” said Lubin. “The team’s proven experience in delivering enterprise solutions to regulated capital markets, combined with its deep knowledge of the blockchain technologies makes it a valuable part of the ConsenSys global financial services offering.”
DrumG Technologies is building “next generation” enterprise blockchain-based business networks and applications for the regulated global financial services industry. Initially, the startup will focus on building applications on Enterprise Ethereum and R3’s Corda Enterprise.
“We have seen tremendous evolution of enterprise blockchain platforms in this space over the last three years and the level of sophistication and preparedness within the financial services community has also increased. However, there is still work to do to get to functioning systems in production,” Grant, DrumG Technologies’ CEO, said.
“We believe in delivering solutions that generate true business value on a timeline measured in months rather than years, which requires a radically pragmatic focus on deployment, a deep understanding of financial markets from both a business and technology perspective, and hands-on experience of the strengths and limitations of different enterprise platforms.”
DrumG Technologies has begun work on two enterprise applications. The first is the Titanium Network, a decentralized, anonymous and cryptographically secured over-the-counter (OTC) consensus data solution for investment bank trading and
