Amberdata, a crypto data startup, raises $30 Million in a Series B funding round led by Knollwood Investment Advisory.
Other participants in the Amberdata’s Series B funding round include Susquehanna International Group, Nasdaq Ventures, NAB Ventures, Chicago Trading Company, Nexo, Coinbase and Innovius alongside existing investors Citi, Franklin Templeton, Aspenwood Ventures, Rovida Kruptos Assets, and Boldstart Ventures.
Amberdata has raised a total of $47 million in funding over 3 rounds. Last year, Amberdata raised $15 million Series A funding round led by Citi. It received $2 million in seed financing from venture capital firm HWVP in 2017.
Amberdata provides data and insights into blockchain networks, crypto markets, and decentralized finance (DeFi). This crypto market intelligence helps financial institutions in market research, trading, risk, analytics, reporting, and compliance. You can say that Amberdata serves as a critical piece of infrastructure for financial institutions entering the new asset class and participating in cryptocurrency markets.
The company said it would use the funds for product innovation and to expand globally to address the accelerating institutional adoption of digital assets.
Shawn Douglass, CEO at Amberdata, mentioned that the the rate of institutional adoption of crypto is truly astounding. “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,” Shawn said.
“Amberdata is poised for massive growth and this financing will allow us to accelerate expansion of our worldwide go-to-market activities, scale our industry-leading data infrastructure, and build out our world-class customer success team.”
“It will also allow us to accelerate new product initiatives including expansion of DeFi depth and coverage, development of digital asset indices, and market intelligence and risk analytics applications.”
“It is our intent to extend our leadership and continue to define the category for institutional digital asset data and research applications.”
Amberdata claimed that it is the only digital asset data provider offering granular historical and real-time fundamental (on-chain), DeFi and market data, eliminating the need to source and integrate data from multiple vendors.
According to the company, leading financial institutions choose Amberdata as their trusted digital asset data partner to eliminate the infrastructure setup, integration challenges and maintenance headaches to access digital asset data, reducing cost and time to market for entering the asset class.
Tatiana Metodieva, CFA, Nexo Head of Corporate Finance and Investments, said:
“Institutional demand for digital assets has gone parabolic this market cycle, and Amberdata’s data analytics solution gives institutional investors the market intelligence they need to meet client and proprietary information needs.”
“Nexo Ventures’ mission is to accelerate the progression of the digital assets industry, and our investment in Amberdata will help build an informational bridge for institutional investors entering the market.”
Benjamin Blueweiss of Nasdaq Ventures, said:
“Nasdaq is pleased to support Amberdata as they deliver comprehensive, high-quality digital asset market data and blockchain analytics to the investment community. 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.”
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