Blockchain and cryptocurrency analytics, Flipside Crypto announced that it had raised $7.1 million in seed funding to provide better services and solutions.
Galaxy Digital Ventures led the round with collaborative funds from CMT Digital and Avon Ventures. Many other previous investors also participated in this round like Digital Currency Group, Founder Collective, True Ventures, Boston Seed, and Castle Island.
The CEO of Flipside Crypto, Dave Balter, said that they would expand the team with this collaborated fund. They will build up data science and analytics capabilities.
In 2017, Flipside was founded and has raised more than $11.6 million till now. The value of the startup has turned to $32.1 million with an increase in the number of employees from 14 to 21 by 2020. Dave also said that the company would raise sources and improve the information and options to be delivered to its customers.
Chainwalker is the blockchain service solution by Flipside that helps in extracting and decoding blockchain network. It helps customers to understand the effects of on and off-chain activities on holders, miners, speculators, stakers and token customers. Bitcoin, Ethereum and other 25 cryptocurrencies like KIN, DASH, AION, Algorand and Ontology have been parsed.
Greg Wasserman, the head of Galaxy Digital Ventures, said that the demand for analytics is increasing that allows companies to tie off-chain to on-chain results and price activities. This is what exactly the Flipside is providing. The company is excited to collaborate with Dave, Eric, Jim, and the entire team to run this sturdy vision.
Crypto data of Flipside is distributed as the FCAS (Fundamental Crypto Asset Score) ratings which provides a score for more than 520 cryptocurrencies. 75 cryptocurrency organizations are ready to get the Flipside Analytics. It is a free service of business intelligence for cryptocurrency projects.
Sachin Patodia, the venture partner at Avon Ventures, said that there are many other teams like Flipside Crypto that are similarly providing tools to analyze the crypto projects and mature as mainstream businesses. Avon is supporting Flipside to build the robust picks and shovels for the growing institutionalizing industry.