Quick take:
- The project is also backed by experts from JP Morgan, Goldman Sachs, and Facebook.
- Proceeds from the funding will be used to expand the team that is tasked to secure blockchains like Solana, Polkadot and others.
- The startup is also forming dedicated teams for its other services.
NFT analytics firm bitsCrunch has just raised $3.6 million in a private funding round led by Animoca Brands. Additional investors include Coinbase Ventures, Crypto.com Capital, Polygon Studios, Borderless Capital, Bison Funds, Mapleblock, Morning Star Ventures, Shima Capital, GravityX, Thykeblock Ventures, and Spark Digital Capital.
Former chief experience officers from Huobi, Biconomy, Frontier and experts from JP Morgan, Goldman Sachs, and Facebook are angel investors in the startup.
Proceeds from the funding will be used to expand the team that is tasked to secure major blockchains like Solana, Polkadot, Algorand and others.
The startup is also forming dedicated teams for its services such as Scour (a wash trading detection solution), Liquify (an AI fair price value estimator for NFTs) and Crunch DaVinci (a digital asset forgery detection system).
“We are glad to be backed by some of the best-in-class investors like Animoca Brands, Coinbase Ventures, Crypto.com Capital, Polygon Studios and other leaders in the blockchain industry,” said Vijay Pravin Maharajan, founder and CEO of bitsCrunch.
Founded in 2020, bitsCrunch is headquartered in Munich, Germany and is also operating in India. The firm aims to become “guardians of the NFT ecosystem” by providing NFT analytics and other AI services that help people make decisions on their NFT purchases.
The startup claims that it has seen an eightfold growth in user base over the last year. One of its missions is to eventually “provide a transparent NFT marketplace that enhances the credibility of an asset”.
The lead investor of this oversubscribed funding round, Animoca Brands, has been expanding its portfolio of NFT-focused startups lately, with reportedly over 150 investments in NFT and decentralised companies and projects.
“With the increasing number of non-fungible digital assets in circulation and the rise in NFT marketplaces, bitsCrunch has the potential to contribute meaningfully to the safety and security of the emerging open metaverse,” said Yat Siu, executive chairman and co-founder of Animoca Brands.
In September 2021, bitsCrunch completed a $750,000 seed funding round from GenBlock Capital, Ledger Prime, Covalent, Double Peak, Synaps and MEXC Global. The funds were used to expand its infrastructure to other blockchains to provide NFT collectors and traders with analytics.
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