Digital asset analytics provider TIE has closed a strategic investment round backed by some of the most prominent blockchain investors, underscoring the increased demand for crypto software and data services.
The TIE raised $9 million in Series A funding at a valuation of $100 million, making it one of the largest crypto analytics services on the market. The funding round was led by Blizzard, an investment fund focused on Avalanche, with additional participation from executives from Golden Tree Asset Management, Nexo, Gemini, Frontier Fund, Republic Capital, Hudson River Trading and New York Digital Investment Groupbetter known as NYDIG.
TIE said the new capital injection will be used to further scale its product development and increase in-house capacity. Almost 100 crypto companies currently use the company's services.
Venture capital fell in love with blockchain in 2021, with a new @CBinsights report showing a 713% increase in funding. https://t.co/6n0RGLzN1o
โ Cointelegraph (@Cointelegraph) February 5, 2022
TIE's suite of products includes SigDev Terminal, a customizable data analytics and news platform used by major hedge funds and financial services firms, as well as media houses, including Cointelegraph. The company also hosts Token Labs, a service to help token issuers make more informed data-driven decisions in their business.
The TIE also provides sentiment analysis and many other data sets that drive the Markets Cointelegraph Pro VORTECSโข Score, a real-time algorithmic score that helps traders understand the current health of the market for a given digital asset.
The company announced that John Wu, President of Ava Labs will join its board of directors. Wu said that โrobust data and workflow solutionsโ are essential for institutional investors, implying that such data services in crypto could accelerate adoption within legacy finance.
The A series is one of the first stages of the capital raising process and is used by established startups to further optimize their product offerings. Crypto startups attracted record interest from the venture capital community in 2021, with over $25 billion flowing to said companies through several rounds of financing. As Cointelegraph reported, venture capital funding grew over 700% between 2020 and 2021.
Related: Gauntlet, crypto quantification company, valued at 1,000 million dollars after Series B
Investment professionals routinely use data terminals and market analysis to trade financial assets, monitor information, and streamline user workflow. As the crypto industry continues to attract institutional capital, the need for advanced analytics becomes more important.
Joshua Frank, the co-founder and CEO of The TIE, confirmed to Cointelegraph that his firm is servicing many hedge funds that have entered or made significant inroads into the digital asset market. โLike liquidity in cryptocurrency markets, information within the space is fragmented,โ Frank said in a written statement. โInstitutional investors are forced to use 20 different websites and spend countless hours scrolling through Twitter and Discord just to stay on top of the market.โ
We have TikTok crypto data, let us know if you want a demo.
as well @eddylazzarin you might be interested pic.twitter.com/aEctgzzOGJ
โ The TIE (@TheTIEIO) March 15, 2022
"Our biggest customer base is the buy side and we're working primarily with the front office," he said.
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