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Aura Venture Fund II leads Pre-Series A in blockchain-based platform, Lygon
Aura Ventures led the A$5m pre-Series A funding round and became the first major third-party institutional investor in the company,
Aura Ventures, the venture capital division of Aura Group, is excited to announce its investment into Australian blockchain-based fintech company, Lygon. This will be the second investment for the Aura Venture Fund II, I.L.P, which completed its first close in December 2020.
Aura Ventures led the A$5m pre-Series A funding round and became the first major third-party institutional investor in the company, alongside existing shareholders ANZ, Westpac, Commonwealth Bank, Scentre Group and IBM. ANZ, CBA and management participated in the oversubscribed round.
Lygon’s mission is to digitise the issuance, management and enforcement of assets administered within the financial system through a decentralised finance model that utilises blockchain technology.
Their first product is a first-to-market solution for bank guarantees, which will enable the transition of the paper-based guarantee process into one that is digitised and smart – saving the issuers (banks), beneficiaries (property owners) and applicants (retailers) time and eliminating human intervention.
Aura Group’s Managing Director, Eric Chan, said: “We have been searching for a company like Lygon that is utilising blockchain and smart contract technology to create revolutionary solutions to real use case problems in the banking industry.”
“We are believers of Lygon’s ambition to not only digitise bank guarantees in Australia but all types of transferable documents in the world.”
The Lygon management team, including Justin Amos, Rodolf Salem and Simon Townsend possess a wealth of experience within the financial services and digital asset industries. That, in combination with the support and alignment of its strategic investors, provides the company with a huge advantage and opportunity to gain a material portion of the Australian bank guarantee market, of which there are approximately 400,000 in circulation.
Lygon’s CEO, Justin Amos, said: “This latest round adds further depth to our provision of funding as we prepare the ground for our Series A capital raise later this year.”
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