Formerly given as a failing company, marred by the CEO abruptly leaving his position and a follow-through of over 25% of its employees leaving their positions, Digital Asset (DA), a company offering an open-source smart contract language, is back on track after raising $35 million USD in a Series C funding round. The round sees the company raised its total raised capital to $150 million USD.
Digital Asset (DA) Raises $35 Million in Series C Round
DA was once on the verge of collapse, as the CEO at the time, Blythe Masters, stepped down in unclear circumstances and the COO, now head of the firm, Yuval Rooz, took over. The company has since risen and the latest $35 million Series C funding round led by Jefferson River Capital, the family office of former Blackstone president Tony James, and ASX, the $2 trillion trading Australian stock exchange. ASX has a partial conversion to blockchain settlement using DA’s technology.
Starting off as a private blockchain developer, the company has morphed into an open source development firm offering users a platform to build using its Digital Asset Modelling Language (DAML). The language simplifies the creation of smart contracts allowing firms to specialize on key areas of their applications. This allows organizations to run their smart contracts smoothly and differentiate their products, including only the features that benefit the organization. Rooz explained,
“Ninety percent of development time is wasted on undifferentiated work. With this new funding we will go further on this mission to focus on the 10 percent value-add by providing a world class smart contract experience regardless of where your application runs.”
DAML open source language has been integrated on Hyperledger Sawtooth, Hyperledger Fabric, Corda, and Amazon’s QLDB.
A Push for Better Smart Contract Development
According to one of the company’s representatives, the latest capital boost is set to expand DAML enabled partner products, invent new developer tools for DAML users, boost the talent in the company and further grow their community to further development on the DAML product. Rooz maintains the company will keep its original goals on track despite the influx, he stated,
“From my perspective, this is not a new direction. This is the right extension to what we have done. I don’t think there are many startups that haven’t changed direction at least once.”