Clearmatics Technologies (UK) LTD has raised a seed funding round led by Route Sixty-Six Ventures (Washington, D.C.), which also included Tellurian Capital Management (London) and Nyca Partners (New York).
“We’re very excited about working with these guys. Our investors understand the disruptive potential of Clearmatics’ solutions and are very actively helping us extend our relationships with key institutional players”, says Clearmatics Founder and CEO, Robert Sams.
In September, global investment bank UBS announced that it had engaged Clearmatics in the bank’s “settlement coin” proof-of-concept, which is exploring the viability of a cross-market utility that supports central bank money on a distributed ledger payment rail to improve the payment leg of financial settlements.
“We believe that Clearmatics are bringing to the financial markets a number of innovations that will significantly reduce transaction costs and operational risks for market participants. As a buy-side firm we understand and welcome the benefits of this new technology”, said Jean-Marc Bonnefous, founding and managing partner of Tellurian Capital Management LLP.
“I am a very strong believer in the true disruptive nature of distributed settlement networks in the capital markets space. What Robert and Clearmatics are building is areal game changer and will revolutionize back office capital markets processes while setting the foundation for a new clearing and settlement paradigm for the next 20 years”, said Pascal Bouvier, General Partner of Route 66 Ventures.
Hans Morris, Managing Partner at Nyca Partners, says: “I think it’s easy to get excited about the possibilities of the blockchain, but Clearmatics reflects what we think is critical in companies that will ultimately be successful: they are laser focused on a very specific problem, with very smart people who also have complete expertise on the problem they are fixing.”