According to the Forbes report, Truffle plans to use the investment to complete a suite of blockchain development tools designed to appeal to enterprise clients.
An estimated 60% of Truffle’s current revenue comes from liaising with startups, larger corporations and governments that want to use its services. The company’s executives believe the capital will enable it to explore “other revenue-generating opportunities.” Truffle’s founder and CEO, Tim Coulter, told Forbes:
“Enterprise adoption is finally happening because the maturity of our space is finally advancing to a level where enterprises can capitalize.”
Coulter added that the U.S.-based company plans to grow beyond the Ethereum ecosystem and “go where the large, important projects are.”
As reported by Cointelegraph last year, Axoni raised $32 million in a funding round led by Goldman Sachs amid plans to process transactions for the Depository Trust & Clearing Corporation’s Trade Information Warehouse by using distributed ledger technology. DTCC held an active test phase of the technology in November 2018.
Cointelegraph has contacted Truffle for comment but has yet to receive a response as of press time.