Blockchain technology firm PeerNova Inc. has closed the first tranche of an $8.6 million Series A funding round led by Mosiak Partners. The funding round also includes investments from angel investor Steve Case, Ashar Aziz, Pierre Lamond, Atiq Raza, Crypto Currency Partners and others.
PeerNova Inc. announced today that it has closed the first tranche of its Series A equity and debt funding round of $8.6 Million, led by Mosiak Partners. The round also includes investments from angel investor Steve Case, Ashar Aziz (Founder and CTO of FireEye), venture capital veteran Pierre Lamond, Atiq Raza (CEO of CALIENT technologies), Crypto Currency Partners and others.
A blockchain is a cryptographically secure, immutable ledger of all transactions that are part of an application. It enables new classes of secure financial asset transfer and asset registry applications that do not need trusted 3rd parties and intermediaries, thereby reducing transaction costs significantly.
PeerNova will use the new funding to boost investments in research and development, accelerate the launch of its Software as a Service (SaaS) platform and expand its service delivery capabilities by growing sales, marketing and support teams.
“We are very excited about the enormous potential of block chain technology to serve as a platform to reduce friction, costs, and improve security in e-commerce financial and other transactions,” said Miles Kilburn of Mosaik Partners. “We could not be more pleased to partner with the team at PeerNova,” Kilburn added. As part of the investment, Mr. Kilburn will be joining PeerNova’s Board of Directors.
Announcing the investment, Dr. Naveed Sherwani, CEO of PeerNova, said, “This is a significant step that further solidifies our belief in the blockchain as the remarkable invention of the 21st century. This investment will help us hire the best of breed in software engineering talent, expediting our development timelines. We will be launching our first industry-leading applications in 2015.”
GCA Savvian Advisors, LLC acted as the exclusive advisor to the funding round.
About Mosaik Partners
Mosaik Partners, located in San Francisco, CA, provides entrepreneurs the capital, resources and guidance necessary to execute on innovative commerce enabling products at the critical expansion stage – driving growth, profitability and scale for their businesses. With over four decades of combined industry experience investing in, operating and advising early- to late-stage technology companies, our partners offer entrepreneurs deep domain expertise and unique access to potential customers and strategic partners. We focus on pioneering companies that are executing evolving business strategies in a dynamic regulatory and technology environment.
PeerNova is an innovator and thought leader on distributed trust systems based on Blockchain technologies. PeerNova is pioneering the disruption of the digital assets and financial transactions sectors and plans to launch multiple applications in 2015.