San Jose, California (PRWEB) March 25, 2015
PeerNova, Inc. announced today that online retailer Overstock.com, Inc. (NASDAQ: OSTK) has invested in PeerNova to complete the second tranche of its Series A financing. PeerNova announced in December 2014 that it raised $8.6 million for the first tranche. To date, PeerNova has raised $19 million in equity and debt financing.
PeerNova intends to use the funds to accelerate the development of two core enterprise products focused on data security and financial applications and to build world-class product and business development teams.
“PeerNova's team and depth of knowledge in this space impressed the Overstock team,” said Patrick M. Byrne, CEO of Overstock.com. “With our knowledge of PeerNova's projects and Overstock's suspicion of society’s reliance on centralized systems, we believe that this collaboration forms a win-win. I believe such crypto technologies will solve many social problems that flow from our society’s reliance on centralized systems.”
Announcing the investment, Dr. Naveed Sherwani, President and CEO of PeerNova said, “This investment is a result of the meaningful progress that PeerNova is making in its efforts to bring blockchain-based applications to the enterprise at scale. We are elated to have Overstock, an early adopter of crypto currency, participate in this strategic funding round. We look forward to further potential collaborative opportunities that may become available.”
GCA Savvian Advisors, LLC acted as the exclusive financial advisor to the funding round.
Overstock.com, Inc. (NASDAQ: OSTK) is an online shopping retailer based in Salt Lake City, Utah that sells a broad range of products at low prices including furniture, rugs, bedding, electronics, clothing, and jewelry. Worldstock.com, a fair trade department dedicated to selling artisan-crafted products from around the world whereas Main Street Revolution supports small businesses across the U.S. by providing them a national customer base. Overstock has additional community-focused initiatives such as a Farmers Market and pet adoption service. Forbes ranked Overstock in its list of the Top 100 Most Trustworthy Companies in 2014. Overstock sells internationally under the name O.co. Overstock Shopping (http://www.overstock.com and http://www.o.co) regularly posts information about the company and other related matters under Investor Relations on its website.
PeerNova is an innovator and thought leader on distributed trustless systems based on blockchain technologies and is pioneering the disruption of the digital assets and financial transactions sectors.