Amberdata, a startup that provides digital asset data to financial institutions, has raised $30 million in a Series B funding round.
The funding will go toward product innovation and increase market presence in the US and globally.
"The rate of institutional adoption of crypto is truly astounding," said Shawn Douglass, CEO at Amberdata, in a statement. "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.”
The funding will also be used to grow the company’s customer success team, expand its DeFi coverage, and develop “digital asset indices, market intelligence, and risk analytics applications,” said Douglass.
The round was led by Knollwood Investment Advisory, with participation from Susquehanna International Group, Nasdaq Ventures, NAB Ventures, Chicago Trading Company, Nexo, Coinbase, and Innovius.
Last year, the company raised $15 million in a Series A to grow its research team, in a funding round led by Citi. Previous investors like Citi, Franklin Templeton, Aspenwood Ventures, Rovida Kruptos Assets, and Boldstart Ventures also joined in on this round.
Crypto analytics and data-providing startups have attracted growing interest from investors in recent months. Dune Analytics, a crypto analytics platform, recently hit unicorn status after a Series B fundraise in February. Last year, Paris-based crypto data provider Kaiko, raised $24 million in a Series A funding round.
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