French blockchain technology startup Stratumn has raised €7 million in Series A funding. The investment comes from Open CNP, the Corporate Venture arm of CNP Assurances, Otium Venture, Nasdaq and Digital Currency Group.
Stratumn combines blockchain technology and advanced cryptology to provide network solutions that allow organizations to efficiently and securely exchange data between partners, customers, and regulators. The company says its solutions provide increased accountability, traceability, and integrity of customer records.
One year after raising a seed round, the startup has now accomplished the largest funding round to date in the European blockchain ecosystem.
The funding will accelerate Stratumn's development and expansion into the US, and will allow the company to accelerate its development by focusing on research, product design, and business development. The startup will also continue to recruit individuals to its team of 15, which it plans to double by the end of 2018.
"Blockchain technology makes processes more reliable and streamlines information flows for consortiums," said Magali Noé, CDO of CNP Assurances. "We would like to promote this technology to our partners and to insurance industry players using the Proof of Process Technology developed by Stratumn."
Read more: Global Newswire (Press release)