In the Midst of Bear Market, Blockchain Analytics Firm Kaiko Raises $53M in Series B Funding
- A $53 million Series B fundraising round headed by Eight Roads has been secured by the blockchain analytics company Kaiko. According to Kaiko, the investment would allow it to further improve its institutional data products and infrastructure.
- The money will be used by the business to build its workforce and keep growing its data services. Additionally, it intends to strengthen its expertise in fields like artificial intelligence and machine learning.
Kaiko, a blockchain analytics firm, has raised $53 million in Series B funding led by Eight Roads. The investment will enable Kaiko to further strengthen its institutional data products and infrastructure. The funding is a sign of confidence from investors in the midst of a bear market. It also provides the firm with a much-needed injection of cash to help it continue its operations and grow its business. The round also serves as a vote of confidence in the management team and their ability to navigate through tough times.
The company plans to use the funds to continue expanding its data offerings and grow its team. It also wants to build out its capabilities in areas like machine learning and artificial intelligence.
This funding round allows us to invest more heavily in our product development so that we can better serve our institutional clients. We are committed to providing them with the best possible data and insights so that they can make informed decisions about their investments.Kaiko CEO, Ambre Soubiran
This latest funding round was led by early Alibaba backer Eight Roads, with growth equity investment fund Revaia, French venture capital (VC) firm Alven, Berlin-based VC Point9, fintech investment firm Anthemis and VC Underscore all participating.
The Paris-based firm, which already serves institutions such as Deutsche Borse, is now offering data from over 100 centralized and decentralized exchanges, including historic information dating back over 10 years.
The move could help legitimize the cryptocurrency industry by providing much-needed transparency and data to institutions that have so far been hesitant to get involved.
It remains to be seen whether this will be enough to convince institutions to start investing in cryptocurrencies, but it is certainly a step in the right direction.
The funding comes at a time when many firms in the space are struggling to raise money and keep their businesses afloat. For Kaiko, this infusion of capital will help them continue to develop their product and expand their reach. This new round of funding is a positive sign for the future of cryptocurrency and blockchain technology.