R3 CEO David E. Rutter has issued an official statement in response to a recent report on the blockchain initiative’s alleged financial troubles.

Calling the report “negative and inaccurate”, Rutter said:

“We were saddened that any of our previous employees saw fit to spread false, malicious rumors about the company, and were very disappointed that unsubstantiated figures and comments were taken seriously by a reporter, who then subsequently chose to ignore our factual response.”

He further claimed that R3 is well-funded adding that it has raised over $120 million from more than 45 institutions and brought in over $20 million in revenue.

“R3 has more than sufficient funding and continues to see inbound investment interest. If we decide to take on additional funding it will be because we see the strategic value of the investor, or because it will help accelerate our growth to meet demand,” Rutter added.

Formed in 2015, R3 blockchain consortium has grown to broad ecosystem of more than 200 members and partners across multiple industries from both the private and public sectors. It includes the likes of Microsoft, Intel, Credit Suisse, BNP Paribas, Citibank, Thomson Reuters, Oracle, and others.

R3’s blockchain platform Corda is already being used across industries – from healthcare to shipping, insurance and more. Rutter said that new and innovative CorDapps being released into different industries every week. To that end, he pointed out that Finastra and Tradewind Markets have built apps that are already live on the platform. Also, Maersk recently deployed a CorDapp for marine insurance built by EY, Guardtime and others

“I’m incredibly proud of what we’ve built with our members and partners in such a short space of time and it’s really just down to two factors – the technology that we, along with our ecosystem, had the expertise to conceptualize and design; and the hard work, dedication and skill of our people in delivering it,” he concluded.