Blockchain and related technologies provider Blockstream has raised USD55 million in Series A funding to bring next generation blockchain innovation to market using its sidechain technology, expand its operations globally, and support industry partners.
The round is being led by Horizons Ventures, AXA Strategic Ventures, and Digital Garage, with participation from existing investors including AME Cloud Ventures, Blockchain Capital, FuturePerfect Ventures, Khosla Ventures, Mosaic Ventures, and Seven Seas Venture Partners.
As part of the round, Horizons has joined the board of directors. This builds on the company´s USD21 million seed round announced in 2014.
Blockstream provides companies with secure infrastructure in production.
Sidechains, a novel blockchain protocol and platform, enable cross-chain functionality by extending Bitcoin to support both public and private blockchains.
Blockstream´s platform is maintained within the Elements Project under an open source license. The company announced its first commercial sidechain offering last year, called Liquid, to provide an interchange settlement service for Bitcoin exchanges and brokerages.