Luxembourg-based Scorechain, a company that provides business intelligence and big data for blockchain technologies, announced that it has raised €2M in its pre-Series A round of funding. The company is also preparing for a Series A round next year.
The round was led by a European VC fund Tioga Capital followed by Blockrocket, an accelerator program and early-stage investor for blockchain startups in Germany.
The round also saw participation from CVVC Crypto Valley, a government-supported association established to take advantage of Switzerland’s strengths to build the blockchain and cryptographic technologies ecosystem.
On this development, investor and newly appointed board member Patrick Van de Mosselaer says, “We are truly pleased to partner with these visionary European pioneers who were the first in Europe to start providing KYT services. The team harnesses a lot of knowledge and data that allows them to provide an excellent service to both TradFi and Crypto Native companies. We are looking forward to seeing how this truly European company will further shape the creation of a burgeoning and compliant blockchain ecosystem throughout Europe and the world.”
The proceeds from this round will help accelerate the company’s growth in Europe, highly regulated countries, and expand into new emerging markets such as APAC and Latam.
Scorechain’s co-founder & CEO, Pierre Gerard says, “We’re excited to receive funds from blockchain VCs. Our team has already achieved great success during the last years and this round will not only help us to accelerate our growth but also add expertise and grow our network.”
Since the beginning of the year, Scorechain has doubled its workforce and will continue investing in product development as the adoption of crypto-asset and regulation are becoming imminent with the crypto market capitalisation growing from $2B in 2018 to $2T in 2021.
AML & compliance solutions for cryptocurrencies
Founded in 2015 by Laurent Kratz and Pierre Gerard, Scorechain provides crypto-asset analytics and compliance solutions to crypto companies and financial institutions, helping them meet AML regulations worldwide.
The company’s software can de-anonymise the blockchain data and connect with sanction lists to provide a risk scoring on digital assets transactions, addresses and entities. It provides more than 300 risk-AML scenarios to its customers with a wide range of risk indicators so businesses under the scope of crypto regulations can report suspicious activity to authorities with enhanced due diligence.
The company provides risk analysis and scoring for crypto transactions, clusters detection, AI prediction, address identification, and graphical visualisation for bitcoin, bitcoin cash, ethereum (with full coverage of ERC20 tokens and stablecoins), dash, litecoin, XRP Ledger (and IOUs), tezos and tron (with TRC10 and TRC20 tokens).
Currently, Scorechain is expanding its product features to adapt to the regulation change of crypto-assets, as well as adding new blockchains which already covers eight major blockchains and 3000+ tokens and crypto-assets.
The company reports, “Our newest product is the Exploration Tool, which helps users conduct thorough investigations on crypto wallets, providing a clear visualisation of how wallets interact with each other and how they are linked to certain kinds of illicit or suspicious activities.”
Since its inception, Scorechain has helped more than 200 customers in more than 40 countries including cryptocurrency businesses, financial institutions with crypto trading, custody branch, digital assets customers onboarding, audit and law firms, and some LEAs.
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