London-based blockchain analytics firm Elliptic raised $120 million in a funding round involving Nasdaq Ventures and Deutsche Bank.

A recent CoinDesk report said One Peak led the round and the British Business Bank also participated. The investment valued Elliptic at $610 million.

Elliptic plans to use the funds to expand AI-based monitoring and risk analysis tools.

CoinDesk reported that demand is also growing as financial institutions increase spending on crypto compliance and security infrastructure.

Elliptic provides software that tracks cryptocurrency transactions across dozens of blockchains and identifies wallets linked to sanctions targets, fraud, ransomware and illicit funds. Banks, exchanges and government agencies use Elliptic tools to monitor transactions and meet financial crime compliance requirements. Elliptic said two-thirds of global cryptocurrency transaction volume takes place through exchanges that use its services.

Chief Executive Simon Mayne (시몬 마이니) said the funding will also be used to bring forward its agent-based product roadmap. He said the company will build agents that operate on top of Elliptic datasets to automate manual and repetitive work by compliance analysts and redeploy staff to in-depth financial crime investigations.