Blockchain research tool, Dune Analytics has declared an increase in its valuation with an additional $69,420,000 to its $1 billion valuations. The increase in valuation via the fundraising round was first unveiled by the startup in an exclusive interview with The Block.
The Series B funding was spearheaded by Coatue, one of New York’s finest investment managers. The company also received collaborations from other investors like Multicoin Capital and Dragonfly Capital, among others.
The Dune Analytics Ecosystem
Dragonfly Capital Partners was the major investor 2 years ago when the company gathered its seed fund of $2 million. Meanwhile, in 2021 Union Square Ventures had led the Series A $8 million funding.
Dune Analytics uses a crucial method for conducting blockchain research. The analytic tool helps to analyze large amounts of data in the blockchain, query them and foretell the future performance of any cryptocurrency.
Analysts on Dune, also known as Dune Wizards put up an excellent strategy to give a clear view of queries and visualization. They are also saddled with the responsibility of building rousing subjects in the quest for knowledge that is decentralized, which they believe would in turn empower investors to make stimulating decisions.
In the past, Wall Street investors had an upper hand over their other commercial competitors as regards getting information. With the cutting-edge move by Dune, advancement in this former norm should be visible.
Based on the announcement, utilization of the fundraise will be channeled to train and empower a young generation of Wizards with real-time active proficiency, and information of Web3 data. All in a bid to boost Web3, Dune intends to increase its current volume from 10,000 active analysts to 1 million by putting up a structure that supports and rewards inputs on the platform
Dune Analytics Takes on Unicorn Status
Following the firm’s striking valuation of $1 billion from investors, it has joined the herd of unicorns in the space. This list has continued to grow as more companies who continue to raise funding in their tens of billions join the stream.
CoinSwitch Kuber, an example of such unicorns, experienced a leap by raising $260 million to increase its valuation to $1.9 billion. Also, the likes of Lukka, ConseSyns, and OpenSea amongst others have also increased their valuations in the past year.
Dune CEO Fredrik Haga announced that with this expansion which Dune is experiencing anyone can analyze data on its space without hassle.