London tech firm VAKT has secured £3.8m funding.

The blockchain firm re-imagining commodity post-trade processing has been backed by Saudi Aramco Energy Ventures.

Aramco Trading Company has been confirmed as a future platform user as a result of the deal.

SAEV joins VAKT’s current shareholder base of 12 investors, all among the world’s largest players in energy and commodities trading.

The investment will help VAKT with further development of the platform and expansion into new markets – particularly into Asia.

Richard James, VAKT CFO, commented: “It is a proud moment to be able to count SAEV as one of our shareholders. This company – part of the most profitable business in the world – has a strong track record of investing in industry innovation.

“We were not proactively seeking further investors; however, we could not miss the chance to bring on-board a partner of this calibre, which is a tremendous show of faith in VAKT’s vision.”

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