Digital Asset Raises +$35 Million in Series C to Accelerate Adoption of DAML Smart Contract

DAML - smart contract languageThe creators of the open-source DAML smart contract language have raised more than $35 million in Series C funding from new and existing investors, bringing the total amount raised by Digital Asset since its establishment in 2014 to $150 million. The firm aims to use the funds to accelerate the adoption of DAML across multiple industries, expand the number and variety of DAML-enabled partner products and fund new products designed to enhance the DAML developer experience, specifically project: DABL, a cloud-based prototyping, and production environment for DAML applications.

Yuval Rooz, co-founder and CEO of Digital Asset, said: “DAML allows you to focus only on what you need to do to differentiate your product and eliminate the complexity that doesn’t provide value to your organization. Ninety percent of development time is wasted on undifferentiated work. With this new funding we will go further on this mission to focus on the 10 percent value-add by providing a world-class smart contract experience regardless of where your application runs.”

Emnet Rios, CFO and COO of Digital Asset, commented: “We’re delighted by our investors’ ongoing commitment to helping Digital Asset succeed and achieve its vision. This new funding will allow us to further expand our support for DAML-enabled platforms, build on the momentum we’ve seen behind DAML worldwide, and serve a growing client base across multiple industries.”

DAML is a smart contract language that Digital Asset open sourced earlier this year which is used to create smart contracts, or computer programs that automate business processes and digitally facilitate, verify and enforce agreements between two or more entities. Digital Asset provides commercial integrations of DAML. The company has partnered with VMware, an NYSE-listed server virtualization software provider, to integrate DAML with VMware Blockchain. Subsequently, further integrations with Hyperledger Sawtooth, Hyperledger Fabric, Corda, and Amazon’s QLDB and Aurora databases have been announced.

Earlier this year it was announced that Digital Asset’s DAML is the new system to replace ASX’s equities clearing and settlement system. The smart contract language is already being deployed within ASX’s Customer Development Environment. ASX is on-track to go-live with the new DLT-based system in March-April 2021. The operator is also looking to provide DLT solutions to customers in Australia and New Zealand.

The Australian Securities Exchange (ASX) will be working on distributed ledger technology (DLT) initiatives in Australia and New Zealand together with Digital Asset (DA), a world leader in DLT and creator of DAML, and VMware, an NYSE-listed server virtualization software provider. In the agreement, DA and VMware will support the development of ASX’s distributed ledger offering, including the application to replace CHESS (ASX’s equities clearing and settlement system), the support of DAML (the open-source smart contract programming language used to build distributed applications), and the provision and support of the distributed ledger and associated infrastructure, which delivers ASX’s data privacy, confidentiality and security requirements at a greater scale.