DrumG Technologies raises $6.5m to build blockchain-based business networks

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Fintech company DrumG Technologies has raised $6.5 million in a Series A funding round led by blockchain network builder ConsenSys, to create business product overlays on existing distributed ledger applications.

Tim Grant, CEO of DrumG, says: “We have seen tremendous evolution of enterprise blockchain platforms in this space over the last three years and the level of sophistication and preparedness within the financial services community has also increased. However, there is still work to do to get to functioning systems in production. We believe in delivering solutions that generate true business value on a timeline measured in months rather than years, which requires a radically pragmatic focus on deployment, a deep understanding of financial markets from both a business and technology perspective and hands-on experience of the strengths and limitations of different enterprise platforms.”

Joseph Lubin, Co-Founder of Ethereum and Founder and CEO of ConsenSys, says: “We are excited to partner with DrumG Technologies as a strategic investor and as a part of our broad portfolio of activity in the enterprise distributed ledger space. The team’s proven experience in delivering enterprise solutions to regulated capital markets, combined with its deep knowledge of the blockchain technologies makes it a valuable part of the ConsenSys global financial services offering.”

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