London-based Cygnetise has received US VC investment from 1414 Ventures, specialists in digital identity technology solutions.
The undisclosed funds will be deployed to grow the team to manage the sales pipeline, accelerate new and existing client growth, continue international expansion and enter new sectors.
The injection of growth capital will bolster the Cygnetise global brand and further validates the strength of the platform.
Award-winning Cygnetise utilises blockchain technology to transform the process of Authorised Signatory Management for operations and finance departments.
The enterprise blockchain platform is one of the first to demonstrate the successful real-world application of blockchain to industry problems, commercialising its offering and achieving a position to scale.
The Cygnetise blockchain-powered SaaS solution 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, dramatically increases efficiency, cuts costs and strengthens Governance, also helping companies meet ESG goals.
Cygnetise is live in over 30 countries and received participation from West Coast VC Bloccelerate in a 2022 round.
Cygnetise CEO Steve Pomfret said: “We are extremely proud to become a 1414 Ventures portfolio company. Receiving this investment from such experts in the digital identity space is perfect timing for Cygnetise and further indication of the interest in the company from the United States, providing valuable help as we prepare to scale in that region.”
1414 Ventures focuses on digital identity technology solutions that support foundational consumer and enterprise functions such as payments, cybersecurity, and data privacy/trust.
1414 Ventures looks for start-ups and founders with big ideas addressing a digital identity business problem through unique solutions to a market, customer, or user need.
Howard Hall, managing director of 1414 Ventures, said: “We are excited to join Cygnetise on their growth journey and support them on their expansion, particularly in the United States. The Cygnetise platform addresses an essential, large-scale operational issue for businesses around the world. The problem their solution solves is paramount to governance, which is becoming an increasingly important area of focus for organisations across the globe.”
Cygnetise was founded in 2016 and its clients include PWC, Societe Generale, MorningStar, JTC, Raymond James, ADNOC, Evelyn and SEI.