Bloccelerate backs Cygnetise to use blockchain for authorised signatory sharing
Earlier this year, London-based Cygnetise announced it raised a pre-Series A round of funding from Bloccelerate.
Founded in 2016, by the end of 2020, Cygnetise raised a total of £2.3 million ($3.1 million).
The fast-growing start-up is already live in over twenty countries globally and will use this latest funding to accelerate its growth by expanding its sales and technology resources. Participation from the highly regarded West Coast VC further strengthens the Cygnetise global brand and its position as a trailblazer in the enterprise blockchain space.
The award-winning company applies blockchain to transform the process of Authorised Signatory Management for operations and finance departments and is a testament to the flourishing UK Tech sector. Founded in 2016, the UK-based corporate 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 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, strengthens governance, dramatically increases efficiency, and cuts costs.
Cygnetise’s CEO, Steve Pomfret said, “It’s fantastic to be recognised by respected US investors, who share our vision in creating a standard for the way organisations manage and share their authorised signatories (authorised signers) between themselves and their banks. Our product, and use of blockchain technology, has successfully proved a product-market fit. Now we are ready to scale.”
Seattle-based Bloccelerate identifies and invests in start-ups that promote sophisticated implementation of blockchain technology by companies and enterprises, investing in seed, Series A, and Series B rounds through its main fund. The firm’s investment thesis targets revenue-generating use cases between stakeholders that either don’t know or trust each other. With a focus on enterprise applications and institutional adoption, Cygnetise is an ideal fit for the Bloccelerate portfolio.
“Our investment in Cygnetise is an example of how we find, invest in and support blockchain technology companies with enabling use-cases in the enterprise. With blockchain, we now have a ledger that is easy to maintain, ever-up-to-date, historically auditable, and easily shared with all stakeholders. Using Cygnetise’s solution could be as obvious as using a printer instead of a typewriter for the use case it’s targeting.”