A €2.9 million pre-Series A round has been gained for the cloud-based SaaS platform Cygnetise. US VC Massive and present VC and angel supporters also participated.
By expanding the company’s sales and technology teams, the crowded round will enable speed of the cooperative digital signature managing solution’s growth.
The new resources will enable the firm, which currently operates in more than forty countries, to target further global sector expansion and meet the demands of a fast expanding market.
Blockchain technology is employed by Cygnetise to revamp the Certified Signatory Management process. With the help of the Cygnetise platform, finance and operations departments can safely share and manage authorized signatories in real-time with their banks and other counterparties.
This enhances operations, improves business continuity, strengthens governance, greatly boosts efficiency, and significantly lowers costs while additionally decreasing the danger of fraud.
Cygnetise CEO Steve Pomfret remarked “We look forward to working with such high-calibre new partners,Cygnetise has reached a significant milestone, and the entire team deserves praise for their contributions in getting the business this far. We can now enter our next phase of expansion and accelerate our growth thanks to the investment”.
By using the most recent blockchain technology, Cygnetise digitalizes the management of signed authorizations in a safe, economical, and sustainable method.
While lowering the risk of signature fraud, Cygnetise enables companies to maintain their signatory lists and bank requirements with ease. The data has been verified on a permissioned blockchain using distributed ledger technology (DLT), where the user has complete control over their own data.
Additionally, all changes are documented, creating an unchangeable audit trail that reveals who made what changes and when, further enhancing the security of your data.