Flipside Crypto raises $7.1m in latest funding round

Crypto
Crypto

Flipside Crypto, a business intelligence firm for cryptocurrency and blockchain organisations, has raised a total of $7.1 million in a Series Seed Prime financing.

Led by Galaxy Digital Ventures it also featured participation from Collaborative Fund, CMT Digital and Avon Ventures, a venture capital fund affiliated with FMR LLC.

Money raised will be used by Flipside to expand its team along with boosting the firms data science and analytics capabilities.

Previous investors (True Ventures, Founder Collective, Digital Currency Group, Castle Island and Boston Seed) all participated in this financing round as well. 

“Earlier this year, sophisticated cryptocurrency organisations began realising their technical visions, and now have moved to operating more like other types of businesses,” explained Dave Balter, CEO, Flipside Crypto. 

“As this market matures, so does the requirement to understand customers and revenue drivers, and Flipside’s solutions are uniquely designed to aid cryptocurrency and blockchain businesses with their growth. 

“We couldn’t be happier to add Galaxy Digital Ventures, Collaborative Fund, CMT Digital and Avon Ventures as investment partners, supporting our vision and playing a key role in helping the cryptocurrency industry blossom.”

Flipside’s chainwalker blockchain parsing service enables the easy extraction and decoding of blockchain data to provide unparalleled insights.  

Chainwalking provides customers with in-depth understanding of the impacts of on- and off-chain activities on speculators, holders, miners, stakers and token customers. 

It also provides capacity to understand how these activities directly influence price positively or negatively. 

More than 25 blockchains have been parsed including Algorand, KIN, AION, DASH, Ontology, VeChain and Steem, as well as Bitcoin and Ethereum.  

Greg Wasserman, head of venture, Galaxy Digital Ventures commented: “Blockchains, the organisations that support them, and the applications that build on them are first and foremost businesses that need customers and revenue to succeed.”

“There is a strong demand for analytics that help these companies tie off-chain activities to on-chain results and price, which is exactly what Flipside provides. We’re thrilled to partner with Dave, Jim, Eric, and the rest of the team to execute on this powerful vision.”

“Outside all the buzz and volatility of the trading markets, there are teams like Flipside Crypto that are building the necessary infrastructure and analytics tools to help crypto projects grow and mature as mainstream businesses,” said Sachin Patodia, venture partner, Avon Ventures. 

 “We’re excited to help Flipside build robust ‘picks and shovels’ for this rapidly institutionalizing industry.”