Exclusive from Waters Technology: Venture capital firm Illuminate Financial has made a $4 million investment in Baton Systems, rounding out the start-up’s $16 million funding total. Baton, a provider of distributed ledger-based clearing and settlement technology, will use the investment to expand into EMEA, and beyond. Baton has already received investments from three Silicon Valley-based VC firms: Trinity Ventures, Alsop Louie, and Commerce Ventures.