Financial industry software startup PeerNova Inc. today said it has raised $31 million in new funding to build additional services on its blockchain platform.

The funding round was led by Mosaik Partners and included Overstock.com Inc.’s Medici Ventures and Intuitive Venture Partners. All three were existing investors, with Overstock.com having invested directly into the company in 2015.

Founded in its current form in 2014, the result of the merger of cloud cryptomining contractor CloudHashing and ASIC designer HighBitcoin, PeerNova’s Cuneiform Platform was designed to enable financial institutions to unify disparate sources of data and lifecycle events.

The platform is said to allow financial institutions to synchronize their data perpetually across multiple internal and external systems, thereby guaranteeing data and process integrity. The process is claimed to simplify reconciliation, automate exception processing and provide operational visibility across workflows in real-time.

One key feature of the platform is its ability to track the flow of investment capital for fund managers. One company working with PeerNova, State Street Bank, is using the technology to track the lineage of capital with “precision and verifiability.”

Cuneiform Platform is also available via the Google Cloud Platform Marketplace. The Cuneiform Platform Multi-Node DLT allows developers to build, test and deploy their applications.

“PeerNova has solved seemingly insurmountable reconciliation, asset optimization and data integrity challenges for the largest financial institutions, saving them millions of dollars in annual costs and freeing up billions in revenue-generating collateral and reserves,” Howard Mergelkamp, managing partner at Mosaik Partners, said in a statement.

Including the new funding, PeerNova has raised $74 million to date. Previous investors include Zhongnan Group, Blockchain Capital, Gefinor Capital, Harbor Island Equity Partners and individual investors including Steve Case and Ashar Aziz.

Image: PeerNova