B3i, a blockchain startup owned by various global insurance giants, has successfully raised $16 million thus bringing the total funding to $22 million, according to the recent filings from the Swiss commercial register.

More than half of the amount (8.27 million Swiss francs or $to 8.34 million) was received in cash while the other half came as converted debt. Prior to this, B3i closed a 6.3 million Swiss francs (about $6.35 million) funding round in March 2018 when the company was founded.

Although the firm denied responding to the comment during the press time, some reported that the blockchain insurance company is looking for more funds and aiming to raise its present capital to more than $200 million.

At the same time, the company also has some significant changes in the Board of Directors. Specifically, the role of Financial Director, previously responsible by Gerhard Lohmann, was now replaced by Theo Bachmann, the managing director and the head of the property and casualty (P&C) insurance at Swiss Re.

Most of the new executives added to the board were from the existing members of the company, except for Daniel Quermia who was previously the CFO and director at MAPFRE RE and Spanish insurance company.

The list of B3i’s shareholders includes Aegon, Munich Re, and Allianz along with Swiss Re, Zurich, Tokio Marine, and XL Catlin. The firm aims to use distributed ledgers to simplify the separated processes of office and claim payments.

In the summer of last year, B3i decided to abandon the use of the platform Hyperledger Fabric in favor of the Corda from R3, shortly after RiskBlock, another blockchain insurance consortium, made the same move changing to Corda.