SettleMint, the blockchain application development platform for private and public sector has raised $16 million in Series A funding, the company said in a note. UK-based Molten Ventures, a venture capital firm participated in the fundraising.

New investors including co-lead investor OTB Ventures, Fujitsu Ventures, Allusion and Bloccelerate along with existing investor Medici Ventures, L.P also joined the funding round. SettleMint has established itself as the category defining platform for blockchain application development for enterprise and is trusted by leading banks, financial services providers, global retailers, manufacturers and by innovators in the public sector.

Built from the ground up to simplify the development and implementation of complex blockchain applications, SettleMint has been recognized by Gartner as a ‘Cool Vendor’ and featured in the Gartner Blockchain Hypecycle for the past two consecutive years.

SettleMint has also been recognized as a ‘Low-Code Trailblazer’ by Everest Group and selected by the World Economic Forum as a “Global Innovator” in the blockchain space.