Blockchain intelligence startup Flipside Crypto has secured $7.1 million in a “series seed prime” financing round, the company announced on Tuesday.
The round was led by Galaxy Digital Ventures and participated by major venture capital funds including Collaborative Fund, CMT Digital, and Avon Ventures. The startup also raised fresh funds from its previous investors, including True Ventures, Founder Collective, Digital Currency Group, Castle Island, and Boston Seed.
Commenting on the fresh funds, Dave Balter, chief executive of Flipside Crypto, said: “As this market matures, so does the requirement to understand customers and revenue drivers, and Flipside’s solutions are uniquely designed to aid cryptocurrency and blockchain businesses with their growth. We couldn’t be happier to add Galaxy Digital Ventures, Collaborative Fund, CMT Digital, and Avon Ventures as investment partners, supporting our vision and playing a key role in helping the cryptocurrency industry blossom.”
The announcement also detailed that the funds would be utilized to expand the team and augment the company’s data science and analytics capabilities.
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Huge demand for blockchain analytics services
The Boston-headquartered company’s solutions offer in-depth knowledge of blockchains to its customers. It provides parsing service to 25 blockchains including Bitcoin, Ethereum, Algorand, KIN, AION, DASH, and Ontology.
Based on its analytics, the company also provides a ranking system called Fundamental Crypto Asset Score (FCAS), which ranks over 520 cryptocurrencies.
“Blockchains, the organizations that support them, and the applications that build on them are first and foremost businesses that need customers and revenue to succeed,” Greg Wasserman, head of venture at Galaxy Digital Ventures, added. “There is a strong demand for analytics that help these companies tie off-chain activities to on-chain results and price, which is exactly what Flipside provides.”
Earlier this month, a decentralized application (DApp) analyzing startup, DappRadar, secured $2.3 million to boost its R&D and add additional services.