Daml Smart Contract Language Creating Firm Secured $120M to Expand Blockchain

By Katelyn James | April 29, 2021

Digital Asset- the creating force behind the Daml smart contract programming language – has reportedly managed to obtain $120 million via a Serie D financing round, from investors 7Ridge and Eldridge.

The funding – which will be directed towards widening the scope of its blockchain and data infrastructure – reportedly happened after a year of the major increase in development for Digital Asset.

The overall figure for its users has reportedly climbed up three times, with 50% of new business is generated by non-blockchain domains, as revealed by Emnet Rios, Digital Asset’s chief financial and operating officer. 

“We saw significant demand for Daml to solve internal challenges of data silos within an organization. As a result, we expanded our product portfolio to support 10 different underlying ledgers, including traditional databases.”

Digital Asset reportedly aims to channel the funds towards widening the scope of its team, as well as to streamline its interoperability protocol throughout its blockchains and traditional databases.

The most recent financing round reportedly took place after a $45 million Series C funding campaign was organized last year, spearheaded by Salesforce, Samsung, and VMWare.

Digital Asset reportedly receives support from numerous top-tier firms, nominally IBM, JPMorgan Chase, Accenture, and Goldman Sachs, among others.

Daml – which is the abbreviation of “Digital Asset Modeling Language” – is reportedly a programming language that gives engineers the support to design full-stack, distributed applications for blockchains and databases. Daml has turned into a freely available open-source programming language in April last year. Since then, it has witnessed numerous high-profile entities adopt it.

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