PeerNova Raises $8.6 M to refocus its business on Blockchain-based enterprise products

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PeerNova Raises $8.6 M to refocus its business on Blockchain-based enterprise products

PeerNova is not new to Bitcoin; however, in order to strengthen its presence in the ecosystem, the company recently organized a fund raising event and even managed to bag $8.6 million. The company announced that it is focused towards expanding the business on Blockchain-based enterprise products.

The latest fund raising by the company is quite successful given the fact that the price of Bitcoin have fallen dramatically in the last couple of months. This looks like the investors still have penchant for the revolutionary digital currency that according to a lot of bankers and technical experts has the potential to transform the way payments are done today.

Currently, Bitcoin valuations are hovering near the sub-$300 mark which though not bad as it traded around $10 earlier last year, is bad when compared with the exchange rate it touched in October 2013. It had then reached $1200 in some Bitcoin exchanges and from then on a lot of experts had started predicting that it could touch $2000.

Despite all the hoopla around Bitcoin some publications have even put it as the worst investment in 2014. However, it does not seem legit when the investments are pouring in to PeerNova which is not alone in the segment as several other companies have attracted venture capitalists. They are willing to invest in startups as they see a lot of hope in Bitcoin.

 The Funds Will be used to Further Expand R&D

In its press release to media PeerNova said that it will use the new funding to boost investments in research and development, accelerate the launch of its Software as a Service (SaaS) platform and expand its service delivery capabilities by growing sales, marketing and support teams.

Talking to media Miles Kilburn of Mosaik Partners said, “We are very excited about the enormous potential of block chain technology to serve as a platform to reduce friction, costs, and improve security in e-commerce financial and other transactions.” He also informed that he will be joining PeerNova’s Board of Directors.

Sharing his views on the event Dr. Naveed Sherwani, CEO of PeerNova said, “This is a significant step that further solidifies our belief in the Blockchain as the remarkable invention of the 21st century. This investment will help us hire the best of breed in software engineering talent, expediting our development timelines.”

He said that the company will be launching our first industry-leading applications in 2015.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com