May 04, 2017 10:00 AM ET
NEW YORK--(BUSINESS WIRE)--Symbiont, the market-leading smart contracts platform for institutional applications of distributed ledger technology, today announced a strategic partnership with Chinese software giant Hundsun Technologies Inc, which includes an investment by a division of Hundsun in Symbiont’s Series A-1 round. The investment is Hundsun’s first in both the United States and in distributed ledger technology. Symbiont’s board of directors granted Hundsun a board observer seat.
Hundsun is the dominant financial technology company serving China’s institutional securities, banking and insurance industries. Publicly traded on the Shanghai Stock Exchange, its market capitalization is approximately CNY 24 billion.
The strategic partnership brings Symbiont’s market-leading smart contracts software to Hundsun’s extensive customer base in China and Hong Kong, where the parties intend to streamline business processes in both public and private securities markets.
“We selected Symbiont because of its superior, mature and highly differentiated DLT stack. Its data layer is protected by market-leading security and privacy solutions, and its smart contracts have a proven ability to automate complex business logic, such as highly tailored employee compensation waterfalls for private companies,” said Guan Xiaolan, executive president of Hundsun.
“We are very pleased to have the backing of such a strong partner in Asia, and we look forward to working together on near-term opportunities,” said Mark Smith, CEO of Symbiont. “To have the support of such a prominent and respected partner is a clear vote of confidence for Symbiont.”
Symbiont is the market-leading smart contracts platform for institutional applications of distributed ledger technology. Disclosed users of its platform include nineteen financial institutions for Smart Loans™, arranged by Credit Suisse and executed via Synaps, its syndicated loans joint venture with Ipreo; the State of Delaware for Smart Records™; a major European insurance company for Smart Swaps™ in the catastrophe insurance market; and Orebits, a provider of asset digitization services. For more information about Symbiont: www.symbiont.io