Cryptographic accounting platform Cryptio has raised $ 1.2 million in seed funding led by Draper Associates.
Other participants in the round include ConsenSys Ventures, Outlier Ventures and the founder of Aave, Stan Kulekhov.
With fresh capital at its disposal, the Paris-based company Cryptio is looking to expand its enterprise digital asset accounting solution. Cryptio, founded in 2018, provides an accounting platform to help businesses file tax returns and other activities.
“Taxes are just a small part of what we do,” Cryptio founder and CEO Antoine Scalia told The Block in an exclusive interview. “As a business using cryptocurrency for payments, treasury and product development, I need a system that identifies all these accounting use cases and feeds the data into my accounting system properly.”
“Marketing expenses incurred in USDC must be identified as such and then split into entitlement accounts in my accounting system,” he added.
ConsenSys, Aave and Centrifuge are among Cryptio’s current client list. According to Scalia, the firm has a total of about 60 clients.
Verady is Cryptio’s closest competitor, Scalia said, adding that the startup is targeting the US market. According to Scalia, Cryptio’s solution is global. “We have clients in the US, UK, Germany, Switzerland, Singapore and even Costa Rica and Venezuela.” Other indirect competitors to Cryptio include Lukka, Cointracker and Cointracking, Scalia said.
Cryptio currently employs seven people and is looking for a product manager, designer and engineer in the next six months.
Seed funding brings Cryptio’s total funding to $ 1.4 million. Last February, the company raised a $ 200,000 preliminary round from ConsenSys Ventures and Outlier Ventures.