IT Pro is supported by its audience. When you purchase through links on our site, we may earn an affiliate commission. Learn more

Samsung and Salesforce plough millions into blockchain company

The $35 million Series C investment will go to expanding the reach of the open-source DAML language

Blockchain

The investment arms of tech heavyweights Samsung and Salesforce have invested millions of dollars into the blockchain company Digital Asset as part of a Series C funding round worth an initial $35 million. 

Digital Asset, which has created the open-source smart contract language DAML, will use the funds to accelerate its adoption across several industries, and raise the level of integrations. 

The Series C funding was revealed in December, but the particular investors were not disclosed at the time. The $35 million will also be used to fund new products that are designed to improve the developer experience with DAML. 

Meanwhile, the company has recruited Susan Hauser, Microsoft’s corporate vice president of its worldwide enterprise and partner group, to its board of directors. Hauser had previously served as an advisor to Digital Asset while working with Microsoft, where she was in charge of partnerships across several industries in the public and private sector.

“Salesforce Ventures and Samsung joining our Series C financing round demonstrates the potential that technology giants see in DAML as the standard for smart contracts,” said Digital Asset co-founder and CEO Yuval Rooz.

Related Resource

The total economic impact of IBM Blockchain

Projected cost savings and business benefits

Download now

“Appointing Susan Hauser to the board will help us capitalize on this vision. She brings us her unparalleled understanding of customer needs and exceptional experience building an enterprise business at Microsoft.”

DAML was open-sourced by the company in 2019, and is used to create smart contracts and software that automates business processes, as well as digitally verify and enforce agreements between several parties.

The company offers integrations of DAML with partner platforms so other companies can develop their own versions of the blockchain-powered technology.

“We strongly believe that Digital Asset’s model to embed DAML in partner platforms fundamentally changes the entire blockchain market,” said a spokesperson from Samsung Venture Investment Corp.

“Digital Asset has positioned itself for success in the blockchain space and we are pleased to help it achieve its vision.”

Salesforce has previously shown a great deal of interest in pursuing blockchain-related ventures. The software company previously connected a low-code blockchain platform with its customer relationship management (CRM) suite in May 2019 to open up a host of new services for its customers. 

The firm, together with Microsoft, also hopped onto an open-source blockchain venture run by the Linux Foundation in June. The Hyperledger research initiative expanded its reach with a host of new members, and was working on 13 projects using the Hyperledger blockchain at the time that Salesforce and Microsoft had joined.

Featured Resources

The state of Salesforce: Future of business

Three articles that look forward into the changing state of Salesforce and the future of business

Free Download

The mighty struggle to migrate SAP to the cloud may be over

A simplified and unified approach to delivering Enterprise Transformation in the cloud

Free Download

The business value of the transformative mainframe

Modernising on the mainframe

Free Download

The Total Economic Impact™ Of IBM FlashSystem

Cost savings and business benefits enabled by FlashSystem

Free Download

Recommended

Samsung Galaxy Z Flip 4 hands-on review: A welcome (if minor) update
Mobile Phones

Samsung Galaxy Z Flip 4 hands-on review: A welcome (if minor) update

10 Aug 2022
Samsung Galaxy Z Fold 4 hands-on review: A productivity powerhouse
Mobile Phones

Samsung Galaxy Z Fold 4 hands-on review: A productivity powerhouse

10 Aug 2022
Samsung proposes 11 Texas semiconductor plants worth $191 billion
Hardware

Samsung proposes 11 Texas semiconductor plants worth $191 billion

21 Jul 2022
Samsung Odyssey Neo G8 review: A groundbreaking display for work and play
monitors

Samsung Odyssey Neo G8 review: A groundbreaking display for work and play

8 Jul 2022

Most Popular

Why convenience is the biggest threat to your security
Sponsored

Why convenience is the biggest threat to your security

8 Aug 2022
How to boot Windows 11 in Safe Mode
Microsoft Windows

How to boot Windows 11 in Safe Mode

29 Jul 2022
Cyber attack on software supplier causes "major outage" across the NHS
cyber attacks

Cyber attack on software supplier causes "major outage" across the NHS

8 Aug 2022