BNP Paribas Backs API Startup OpenLegacy

Euronext-listed bank BNP Paribas SA participated in a $30 million funding round for Reston, Virginia-headquartered application programming interface (API) startup OpenLegacy Inc., the latter announced Wednesday.

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Founded in 2013, OpenLegacy develops an API integration platform that helps companies extend their legacy systems to the web and offer additional services.

Led by Hong Kong-based investment firm Silverhorn Investment Advisors, the funding round brings OpenLegacy’s overall capital raised to $40 million. BNP invested in the company through a joint venture formed with venture capital fund Cathay Innovation.

Additional investors in the round include CommerzVentures, the investment arm of German bank Commerzbank AG, O.G. Tech Ventures, a venture capital fund launched last year by Israeli-born business magnate Eyal Ofer, and existing investor RDC, a joint venture of Israel-based arms developer Rafael Advanced Defense Systems Ltd. and Elron Electronic Industries Ltd.

OpenLegacy employs 85 people in Israel, the U.S., Switzerland, and Mexico.