Key Takeaways
- Merkle Science eyes to capture North America and European Markets.
- It plans to accelerate product development for law enforcement agencies and financial institutions.
- It will expand its token coverage to over 500,000 tokens and customize solutions for DeFi and NFT platforms.
Merkle Science, a global predictive blockchain analytics firm, secures $5.75 million in a Series A funding round led by Darrow Holdings.
The latest funding round also witnessed participation from Kraken Ventures, Bain-backed Uncorrelated Ventures, Fenbushi Capital, Token Bay Capital, Kenetic, and Lunex Ventures.
The new funding announcement comes shortly after Merkle Science’s recent launch into the U.S. market and the hire of Mary Beth Buchanan as President, Americas and Global Chief Legal Officer.
Merkle Science also announces venture investment heavyweight Dean Carlson joining as board member to support its entrance into the U.S. market. Dean is Head of Digital Asset Investments at Susquehanna.
Merkle Science Co-founder and Chief Executive Officer, Mriganka Pattnaik, said:
“Merkle Science’s intelligence platform is highly customizable and built to evolve with crypto criminal activity, simplifying crypto compliance for our users and ultimately allowing them to focus on their core competencies.”
Merkle Science provides crypto threat detection, risk management and compliance for businesses, banks and government agencies. Unlike other blockchain monitoring and investigative tools on the market, Merkle Science’s platform takes a behavior-based approach to transaction risk management, resulting in more proactive and effective crime monitoring and investigations.
The behavior-based approach enables Merkle Science’s intelligence platform to evolve with crypto-related criminal activity, simplifying crypto compliance and ultimately allowing businesses to focus on their core competencies.
Merkle Science Eyes To Capture North America and European Market
Merkle Science claims to have a leading position in the Asia Pacific region since its seed round in May 2019.
With clients across Asia Pacific, Europe, and North America, Merkle Science has witnessed revenue growth of by more than nine times and its headcount increase by three times over the past two years.
Institutional interest for digital assets and regulatory requirements in the US has surged in the past six months. The changing market environment prompted Merkle Science to move their base to New York as part of their expansion strategy.
Merkle Science To Develop Solutions For Law Enforcement Agencies And Financial Institutions
Merkle Science is formulating strategies to address the market demand and continue to bolster the company’s momentum. It has planned to prioritize and accelerate product development to serve enterprise segments such as law enforcement agencies and financial institutions. It will continue evolving Behavior-based Rule Engine to meet the rise of privacy protocols. It has also set a target to expand its token coverage to over 500,000 tokens and customize solutions for DeFi and NFT platforms.
With this latest funding, Merkle Science has now raised a total of $6.6 million over four rounds.