This article has been updated to include comments from Truffle CEO and founder Tim Coulter.
According to Coulter, Truffle is going to use the investment to complete a suite of blockchain development tools that are designed to appeal to enterprise clients.
An estimated 60% of Truffle’s revenue currently comes from liaising with startups, larger corporations and governments that want to use its services, and the company’s executives believe the capital will enable it to explore “other revenue-generating opportunities,” Forbes wrote.
Coulter told Cointelegraph:
“Our integration with axCore is an important step towards onboarding enterprises and financial institutions onto Enterprise Ethereum, with more exciting partner integrations happening in the coming months.”
As reported by Cointelegraph last year, Axoni itself 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 using distributed ledger technology. An active test phase of the technology was held in November 2018.