UK investment syndicate Adjuvo is leading a £2.5m pre-Series A round into blockchain signature software company Cygnetise.
The startup is now looking to hire in its tech and sales departments to help it grow into new markets.
Cygnetise, based in London, is a signature management software that is built on top of the blockchain. Businesses can use it to share signatures with external organisations such as banks and legal operations.
The company says its software is used by customers across 40 countries. UK investment syndicate Adjuvo led the pre-Series A funding round, which also attracted investment from US venture capital firm Massive, along with previous investors.
“We are convinced that Steve has built Cygnetise into an application where the use of blockchain has substantial and unique benefits and solves a globally persistent and complex business problem,” said David Mandell, managing partner at Massive.
Blockchain, the technology underpinning cryptocurrencies such as Bitcoin, has yet to achieve mainstream business adoption.
Cygnetise points to several benefits of the technology, including providing a “full audit trail”, “tamper proof” information and being “distributed across multiple nodes in multiple locations”.
Mark Foster-Brown, CEO of Adjuvo, said: “The need is both real and obvious, and so we are delighted to lead this round to support Steve and the team as they drive an ambitious growth strategy.”