Digital Assets Data - the startup that aims to be the Bloomberg and Github of cryptocurrency data - has raised another $3.2 million in equity funding, according to an announcement on Thursday.
The investment is led by tech-focused venture capital firm North Island, Silver Lake co-founder Glenn Hutchins and his son James Hutchins, with participation from previous investors Morgan Creek Digital, Digital Currency Group and Vestigo Ventures, among others.
Mike Alfred, co-founder and CEO of Digital Assets Data, told The Block that the funding will be utilized for hiring “a larger team” of engineers and data scientists to further build its cryptocurrency data platform. The startup currently employs 25 people, and over 90% of its staff holds technical roles across engineering and data science, Alfred said.
“Data is the heart of any investment process and without an institutional-quality data platform, it is very difficult to allocate significant resources to any asset class,” said investor James Hutchins, who previously worked as head of research at tech sector-focused hedge fund Coatue Management.
Digital Assets Data’s platform, launched earlier this year after raising $6 million in seed funding, provides access to analytical tools for cryptocurrency data. It collects large quantities of on-chain, market, and reference data related to cryptocurrencies and hosts them in a development environment, meaning customers can also code various analytical tools on it to tailor it to their specific needs.
The platform mainly serves to hedge funds, banks and venture capital firms, among others. “We are fast approaching 20 enterprise customers,” Alfred said. He did not comment on the startup’s valuation with the latest round, except that the business has grown “significantly” since launching the platform.
At the time of the seed funding round, Alfred told The Block that the vision of Digital Assets Data is to be “the primary place” for crypto businesses and that to achieve that vision, the firm would need “tens of millions of dollars more in the short term.”
He now told us that Digital Assets Data will “almost certainly raise another equity round next year,” to continue scaling its business and bring new customers.
Disclosure: Digital Assets Data is an investor in The Block.
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