Blockchain security company CipherTrace has fully emerged on Tuesday with $15 million in venture capital financing from Silicon Valley and New York venture capital firms.
CipherTrace was founded in 2015 by the security and FinTech industries (the U.S. Department of Homeland Security (DHS) Science and Technology (S&T) and DARPA were initial founders), but the team first started tracking Bitcoin criminal activity in 2011.
The company focuses on the development of crypto-currency intelligence, anti-money laundering (AML), blockchain analytics and forensics, and compliance solutions.
CipherTrace supplies government, regulators, law enforcement investigators and auditors with tools to enforce AML laws, combat crime and reduce fraud; crypto-currency exchanges and banks use the company’s solutions for compliance and threat mitigation.
The fast growing company plans to use the new funds to expand its global reach and extend product functionality.
“CipherTrace is pleased to announce this strong backing from top-tier investors who share our vision that cryptocurrencies and blockchains need to be secured, regulated, and made safe so that they can scale globally,” said David Jevans, CipherTrace CEO.
The funding round was led by Aspect Ventures and also saw involvement from Aspect Venture, Galaxy Digital, Neotribe Ventures, and WestWave Capital. CipherTrace also announced that Aspect’s Mark Kraynak will join its Board of Directors.