(The Royal Gazette) Bermuda-based Apex Group, the global financial services provider, is among the lead investors in a $25-million Series A funding round of Inveniam Capital Partners Inc.
Inveniam’s software platform, Inveniam.io, is the operating system for real asset data in the rapidly developing decentralised market, the fintech company said.
Joining Apex as investors in the funding round that is to close this month are K20 Fund, Dev.Pro, and Global Blockchain Ventures.
Todd Stevens, global head of Capital Markets for Inveniam, said: “The use of blockchain to transmit trust in data will drive automation in valuation and price discovery in the private markets. Inveniam.io allows data rich, low-frequency trading private market assets to have monthly marks by subject matter experts. Price discovery for illiquid assets with fully observable inputs will transform the balance sheets of corporate owners.
“Low yields in the bond market are driving defined benefit plans to higher performing asset classes, but those fiduciaries need third party price discovery. Our operating platform unlocks value across private equity, commercial real estate, private credit, and infrastructure.”
The company said this Series-A funding follows consistent growth of client installations and assets on the platform with low ten figures of assets currently on the platform. Company forward-looking estimates project AOP to approach $200 billion by year end 2023.
This news follows Inveniam’s acquisition of the assets of Factom Inc in early 2021, including their significant blockchain patent portfolio. Factom’s IP patent portfolio coupled with Inveniam’s has resulted in the company becoming the eighth largest US-based holder of blockchain patents and/or patent applications as reported by UnifiedPatents.com, the company said.
Patrick O’Meara, chairman and chief executive officer, said: “We are proud of the work of our team to build an institutional quality software that delivers immediate value to private markets by laying the foundation for investors to fully participate in the DeFi evolution of capital markets.
“Our high-quality strategic and capital investors are testament to the strength of the business we have built, and we are excited to work in partnership as we pursue our aims of becoming the global standard for trust in private market data globally.”
Peter Hughes, chief executive officer and founder of Apex Group, added: “As allocations to private asset classes continue to grow, trusted data is essential to being able to transact in private market assets. Using data that is verified on blockchain, our partnership with Inveniam will create efficiencies and deliver benefits for the $1.5 trillion of client assets we service. We’re excited about the potential of this partnership and the prospect of beginning onboarding significant assets to the Inveniam platform.”
Inveniam.io president Kerry Rudy will lead the support for the Apex roll-out, saying: “Apex is the exact type of innovator we needed as a partner to help us become a global standard for trust in private market data globally.”
Inveniam, founded in 2017, has offices in New York City and Northville, Michigan.
Apex Group Ltd, established in Bermuda in 2003, is a global financial services provider with 50 offices worldwide and 5,000 employees upon the close of announced acquisitions. It delivers an extensive range of services to asset managers, capital markets, private clients and family offices.
Inveniam said it has been assisted by Palladium Capital Group, LLC, in capital raising and expanding market reach.