Real-time Bitcoin Blockchain analytics startup Coinalytics, Inc. has raised $1.1 million in a seed round from The Hive.

Founded in 2014, Coinalytics offers a number of services relating to the real-time tracking of the Bitcoin Blockchain to allow companies to undertake risk assessments, among other related security and compliance tracking.

The company’s main Blockstem API service, which we covered the launch of back in February, appeals to companies and organizations looking to find ways to beef up their fraud detection and compliance monitoring, and can also be used to trace fraudulent transactions after they have taken place.

Coinalytics has previously used their system to visualize Blockchain data on the collapse of Bitcoin exchange MintPal, as well as tracking incidents around the darknet illegal drugs bazaar Silk Road 2.0; the data in both cases is publicly available on the Coinalytics blog.

“Fields like compliance and anti-money laundering are currently our main focus, since that’s where we get most requests from the industry,” Coinalytics Co-founder and Chief Executive Officer Fabio Federici told SiliconANGLE previously. “In the future we will be eager to explore what other questions we can answer with our tools.”

Growing area

The movement not only of Bitcoin, but more in particular Blockchain solutions across various aspects of the growing fintech industry into the more mainstream, means a growing market for support services, and like any technology, security, compliance, and transaction tracking are all part of this, and this is where Coinalytics steps in.

Although more pitched towards Bitcoin in its earlier days, the tone of what the site is offering now has definitely shifted to perhaps what should be the mantra of the space in 2015: it’s all about the Blockchain, including a new web-based visual and analytical workspace called Jarvis that caters for that exact market.

Including the new round of funding Coinalytic’s has raised $1.3 million to-date, with the only other previous investor being Dave McClure’s 500 Startups.

It’s not clear whether the company has an specific plans for the new round other than continuing to grow headcount and services, the former of which currently sits at 3 people only.

Image via Coinalytics, Inc.