Cygnetise has raised £2.5 million for its blockchain technology which helps with digital signatory management.
The cloud-based platform enables operations and finance departments to digitally manage and share authorised signatories, in real time, with their banks and other counterparties, making the process more efficient, transparent and secure.
This significantly reduces the risk of fraud, transforms operations, facilitates business continuity, strengthens governance, dramatically increases efficiency, and cuts costs.
The pre-Series A growth funding was led by UK investment syndicate Adjuvo with participation from US VC Massive and existing VC and angel backers.
It will enable the London startup to target further international and sector expansion and service rapidly growing demand. It is already live in more than 40 countries.
“We look forward to working with such high-calibre new partners,” said CEO Steve Pomfret. “This is a huge milestone for Cygnetise and credit to the whole team for helping to get the company to this stage.
“The investment now enables us to move into our next expansion phase and accelerate our growth.”
Founded in 2016, the company was one of the first to demonstrate the successful real-world application of blockchain to industry problems. Initially commercialising its offering in financial services, the company is now rapidly expanding its industry-agnostic solution into other sectors.
Adjuvo CEO Mark Foster-Brown commented: “As many Adjuvo members know from personal experience, authorised signatory management is a business-critical process for most companies worldwide and particularly in financial and legal services.
“Cygnetise is transforming this currently manual exercise with their digital blockchain technology, leading to increased efficiency, security and operational excellence. The need is both real and obvious, and so we are delighted to lead this round to support Steve and the team as they drive an ambitious growth strategy.
“We look forward to introducing them to our extensive network of British business leaders.”