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Samsung and Salesforce back crypto startup Digital Asset

By Yana Berman

Smart contracts coding developer raised $35 million in its 2019 Series C round

Venture arms for Samsung and Salesforce have backed a second series C financing round for crypto startup Digital Asset.

The initial Series C funding round was closed in December 2019, when Digital Asset raised $35m (£26.8m, €31.7m) from Samsung and Salesforce among others.

The total amount raised during the second round has not yet been disclosed. The company believes that the smart contracts coding is of big interest to major companies.

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

Digital Asset presented its DAML, an open-source programming language for smart contracts, in April 2019. The company wants to spend the money raised via its funding rounds to promote DAML adoption and encourage further development.

Digital Asset has also announced that Susan Hauser, Microsoft's former corporate vice president, will join its board of directors. Hauser, who spent 28 years in the US tech giant, is optimistic about smart contracts.

“During my time as an advisor to Digital Asset, I quickly learned how transformative smart contracts could be for a variety of use cases and across industries. We are going to see adoption of smart contracts – and languages like DAML – take off in the near future,” she said.

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