After a successful 2021, Amberdata, a leading blockchain and crypto-asset data firm, in a Series B financing round on Wednesday raised $30 million bringing its valuation to $330 million.
The financing round, led by Knollwood Investment Advisory had an array of existing investors as well as new investors in attendance. They include CitiGroup, Franklin Templeton, Boldstart Ventures, NASDAQ Ventures, Coinbase, NAN Ventures, Susquehanna, Nexo, and a host of others.
The $30 million funds will be channeled into designing new innovative products centered on broader Decentralized Finance (DeFi) coverage and depth, improved digital asset indices, risk analytics tools as well as market intelligence as it continually sets the pace for research application and institutional digital asset data.
The fresh funds will in a great deal also assist it to further expand globally to service the growing market for data and insights by financial institutions even though it has an existing presence in the US, UK, Latin America, Singapore, and Australia.
According to the firm’s CEO Shawn Douglass, institutional adoption of crypto has increased significantly. As a result, Amberdata enjoyed a 100% increase in income during the first quarter of the year seeing that it is the go-to data analytics solution provider for notable financial institutions as it offers the market intelligence the institutions crave.
Many of the investors were excited about the partnership and full of praise for Amberdata. Elion Durbin of Boldstart Ventures believes there is still a huge amount of money that could be channeled into virtual assets and Amberdata’s platform is essential in unveiling a new institutional asset class. Nexo’s Tatiana Metodieva noted that the investment in Amberdata will create an informational bridge for professional investors joining the space.
This funding round comes just nine months after Amberdata raised $15 million in Series A led by Citi Group and an initial $2 million amounts to $47 million raised so far by the firm. Established in 2017, it provides services for the likes of Coinbase, Citi, NASDAQ, and others.
The quest for information has resulted in several investments for startups offering data and analytics services. Dune Analytics raised $70 million in February in a series B as it earned the unicorn badge.