Today Amberdata, the provider of digital asset data, said it raised a $30 million series B funding led by Knollwood Investment Advisory. Nasdaq Ventures and NAB Ventures were two of several new investors, and Citi and Franklin Templeton were amongst the existing shareholders involved in the round.
Amberdata is focused on providing data to inform cryptocurrency investment and trading decisions, particularly for institutions. The challenge with aggregating that sort of data is connecting to a hundred cryptocurrency exchange APIs and running nodes on multiple blockchains. And the information also needs to be normalized.
Additionally, Amberdata provides insights about blockchain networks, cryptocurrency markets and decentralized Finance (DeFi), including highlighting large trades. It also provides data about pending blockchain transactions, which is notoriously used for front running.
“We’ve seen our revenue double in the first quarter of this year as the world’s largest financial institutions come to us for the critical data they need for research, trading, risk, analytics, reporting and compliance as they enter digital assets,” said Shawn Douglass, CEO at Amberdata.
He plans to use the funding to expand geographically, scale Amberdata’s infrastructure and expand its support team. It will also add more depth to its DeFi coverage, market intelligence and risk analytics.
Regarding using blockchain data for crypto investment purposes, it’s the main competitor is CoinMetrics, where BNY Mellon co-led a $35 million Series C funding last month. However, when it comes to broader blockchain analytics, there are numerous competitors, including Chainalysis, Elliptic, TRM Labs, and Ciphertrace, which Mastercard acquired.
“With digital assets and decentralized financial services gaining adoption, we are excited about future opportunities to partner with Amberdata to bring unique insights to a broader set of stakeholders,” said Benjamin Blueweiss of Nasdaq Ventures.
Other new investors include Susquehanna International Group, Chicago Trading Company, Nexo, Coinbase and Innovius, with existing investors Aspenwood Ventures, Rovida Kruptos Assets, and Boldstart Ventures also joining the round.