Digital asset analysis provider The TIE has closed a strategic investment round backed by some of the most prominent investors in blockchain, underscoring the increased demand for crypto data and software 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 Avalanche-focused investment fund, with additional participation from executives from Golden Tree Asset Management, Nexo, Gemini, Frontier Fund, Republic Capital, Hudson River Trading and New York Digital Investment Group, better known as NYDIG.
The TIE said the new capital injection will be used to further scale product development and increase internal capacity. Nearly 100 crypto companies are currently using the company’s services.
Venture capital fell in love with the blockchain in 2021, with a new @CBinsights report showing a 713% increase in funding. https://t.co/6n0RGLzN1o
— CoinTelegraph (@Coin-Crypto) February 5, 2022
TIE’s product suite includes the SigDev Terminal, a customizable data analytics and news platform used by leading hedge funds and financial services firms, as well as media companies including Coin-Crypto. The company also houses Token Labs, a service that helps token issuers make more informed, data-driven decisions across their businesses.
The TIE also provides the sentiment analysis and multiple other data sets that drive the Coin-Crypto Markets Pro VORTECS™ score, a real-time algorithmic assessment that helps traders understand the current market health for a given digital asset.
The company announced that John Wu, the president of Ava Labs, will join its board of directors. Wu said “robust data and workflow solutions” are essential for institutional investors, implying that such data services in crypto could accelerate adoption within legacy finance.
Series A is one of the earliest stages in 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 more than $25 billion pouring into such firms in several rounds of funding. As Coin-Crypto reported, venture capital financing grew by more than 700% between 2020 and 2021.
Related: Crypto Quantitative Firm Gauntlet Valued at $1 Billion After Series B
Data terminals and market analytics are routinely used by investment professionals to trade financial assets, monitor information, and optimize user workflow. As the crypto industry continues to attract institutional capital, the need for advanced analytics is becoming increasingly important.
Joshua Frank, co-founder and CEO of The TIE, confirmed to Coin-Crypto that his firm serves many hedge funds that have engaged in or made significant strides in the digital asset market. “Like liquidity in cryptocurrency markets, information within the space is fragmented,” Frank said in a written statement. “Institutional investors are forced to use 20 different websites and spend countless hours scrolling through Twitter and Discord to stay on top of the market.”
We have crypto TikTok data, let us know if you want a demo.
Also @eddylazzarin you might be interested pic.twitter.com/aEctgzzOGJ
— The TIE (@TheTIEIO) March 15, 2022
“Our main customer base is the procurement side and we mainly work with the front office,” he said.