Digital Asset, creator of the Daml smart contract programming language, has secured $ 120 million in Series D funding from investors 7RIDGE and Eldridge – setting the stage for continued expansion of the blockchain and data infrastructure business.
The impressive funding round follows a year of significant growth for Digital Asset. According to Emnet Rios, Digital Asset’s CFO and COO, the company tripled its customer base by 2020, with 50% of new customers coming from non-blockchain domains. He explained:
“We saw a great demand for Daml to solve internal challenges of data silos within an organization. As a result, we have expanded our product portfolio to support 10 different underlying ledgers, including traditional databases. “
Digital Asset plans to use the funds to expand its team and improve the interoperability protocol between blockchains and traditional databases.
The latest round of funding follows a $ 45 million Series C funding campaign in 2020 led by Salesforce, Samsung and VMWare. Digital Asset is backed by several high profile companies, including IBM, JPMorgan Chase, Accenture and Goldman Sachs, among others.
Daml, which stands for Digital Asset Modeling Language, is a programming language that allows developers to build full-stack, distributed applications for blockchain and databases. Daml became a freely available open-source programming language in April 2019. It has since been adopted by several major organizations.
As Cointelegraph reported in September 2020, Daml is being deployed by the Chinese Blockchain Services Network as it pursues decentralized applications. In July 2020, Daml was fully integrated with Corda Enterprise, R3’s commercial blockchain platform. Daml was also the basis of a digital bond offering from Singapore Exchange, a major holding company in the small city-state, last September.