PeerNova Blockchain Project Secures $31 Million To Fund Global Expansion
A new blockchain startup called PeerNova has recently been able to raise $31 million USD during its latest Series B funding round. So far, the company has been able to raise $74 million USD when including all the rounds. The round was led by Mosaik Partners, but companies such as Medici Ventures and Intuitive Venture Partners also participated in it.
According to PeerNova, the sizable chunk of money will help it to shift the focus of its activities. Initially, PeerNova was focused on being a mining company, but now the goal of the company is to offer enterprise solutions to improve financial services and data reporting.
Gangesh Ganesan, the CEO of the company, was recently interviewed by Coindesk. According to him, blockchain companies are struggling to get funding in the last 12 months, so being able to do it shows how promising the company is right now.
The money will be used to hire more employees in two offices of the company, one based in London and the other in the United States. A new office will also be opened in Singapore. This will be a strategic office because the company has several Asian clients.
PeerNova was started back in 2014. The company was originally a BTC miner and it was created when HighBitcoin merged with CloudHashing. Since then, however, its executives have been working to improve its services and even change them.
Now, the company is creating technology that will help companies to find inefficiencies in their systems and to use the blockchain to solve these issues. So far, the company has helped some other firms, including State Street, a financial services company.