Blockchain analytics platform Nansen raised $12 million during its Series A funding round, led by venture capital firm Andreessen Horowitz.
The investment round also included Skyfall Ventures, Coinbase Ventures, imToken Ventures, Mechanism Capital and QCP Capital.
Founded in 2020, Nansen unifies on-chain data with disparate market signals. It does this by analyzing billions of on-chain data points, millions of wallet labels and thousands of entities on Ethereum. It seeks to help investors and financial institutions make more informed decisions by providing quality market intelligence and actionable analytics. This is particularly the case when it comes to project discovery, due diligence, and trading.
Nansen said that the funds raised this round will go towards talent development, through hiring and acquisitions. The firm remarked that the growing community of crypto investors now includes top hedge funds and VC funds. It also hopes to expand its service to additional blockchains and side chains including Polygon, Optimism, Arbitrum, and BSC.
Andreessen Horowitz’s crypto funds
Earlier this month, Andreessen Horowitz (a16z) launched its latest crypto fund to the tune of $2.2 billion. Partners Katie Haun and Chris Dixon remarked how the fund’s size reflects “the size of the opportunity before us.” Likening it to the early days of the internet, crypto would not only be the future of finance, but would transform “all aspects of our lives.”
Starting out as a crypto fund after the 2017 bull run, a16z has been an avid backer of the crypto industry since 2018. While volatility may be intimidating for other large investment funds, a16z plans on taking the risk. “We believe that the next wave of computing innovation will be driven by crypto,” the partners wrote, adding that they’re “radically optimistic about crypto’s potential.”
The investment firm has seen huge success in previous investment rounds, and expects the crypto industry to yield similar results. The firm has seen previous success with companies such as Facebook, Instagram, Lyft, Pinterest, and more notably, Coinbase.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.