Billon Group, an innovator of a new type of distributed ledger technology (DLT) that processes national currency and business documents with blockchain technologies, announced today it has concluded Series A financing with over $6 million of equity being issued to existing and new investors.
The investors in the round include: FIS, Rising Tide, Mencey Capital, VCF III, existing investors, and prominent international managers and experts.
As the company expands its DLT platform, this latest funding round brings the total raised by Billon to over $16 million from grants and equity. With the new funding, Billon has also strengthened its board with the appointment of Wojtek Kostrzewa as CEO and Anand Phanse as CFO to complement the existing management team comprising of: Andrzej Horoszczak, co-founder and chief technology officer, Robert Kaluza, chief operating officer, David Putts, chief growth officer and Jacek Figula, chief commercial officer.
“Series A funds will be used to scale existing use cases, respond to many new clients and to begin preparation for opening the platform further for third party developers and commercial partners.”
– Billon Group CEO, Wojtek Kostrzewa
Commercial partners include: FIS, Microsoft, the Polish Credit Bureau, Warta Insurance, Philip Morris; and over a dozen clients in various stages of scaling.
News of Billon’s Series A funding comes as banks across the globe are actively seeking “cash-on-chain” blockchain architectures that comply with existing regulatory structures for digitized national currencies.
As a registered e-money issuer in both the UK and Poland, Billon is an industry leader in creating solutions levering its Distributed Digital Cash architecture, a system that meets existing payment requirements without modification.
Billon is also expanding its Trusted Document Management capabilities; which includes the ability to secure complex data sets “on-chain” and selectively share data elements. This is opposed to Ethereum or similar architectures, which typically store documents off-chain with the full cost of back-up, and then link such documents to a hash; effectively failing to eliminate the legacy systems that DLT can offer.