Montreal-born Blockstream has raised $55 million in Series A funding.
The capital will be used to bring blockchain innovation to market using its sidechain technology, expand operations globally, and support industry partners, according to the company.
The round was led by Horizons Ventures, AXA Strategic Ventures, and Digital Garage, with participation from existing investors including AME Cloud Ventures, Blockchain Capital, FuturePerfect Ventures, Khosla Ventures, Mosaic Ventures, and Seven Seas Venture Partners.
This builds on the company’s $21 million seed round announced in 2014.
Founded by Austin Hill, Dr. Adam Back, and leading Bitcoin engineers including Gregory Maxwell and Dr. Pieter Wuille, Blockstream provides companies with the mature, tested, and secure infrastructure.
“Blockchain technology is redefining what is possible within the fintech ecosystem and beyond,” says Frances Kang, Horizons Ventures. “The transition to this new world – one that is decentralized, interoperable, secure, and trustworthy – is going to be illuminating.”
“We are convinced that blockchain technology has the ability to transform not only financial services but also other industries,” said François Robinet, Managing Partner, AXA Strategic Ventures. “Blockstream has the best technical team in the industry and we strongly believe in their approach of developing foundational infrastructure for various blockchain applications.”