Nansen, the blockchain analytics firm, has planned to continue building its analytics suite and secured $12 million in Andreessen Horowitz-led raise.
It has been reported that the $12 million Series A funding round included participation from Skyfall Ventures, Coinbase Ventures, imToken Ventures, QCP Capital and Mechanism Capital. Nansen said that the funding will be used to hire additional talent, grow its analytics platform and provide additional services to networks like Polygon and Binance Smart Chain, among others.
However, as a blockchain analytics platform, Nansen analyzes the activity of over 90 million Ethereum wallets. The platform integrates massive data sets and translates them into dashboards that allow users to gauge actionable insights in the DeFi market.
Chris Dixon, the General Partner at Andreessen Horowitz, said:
"As participation in the first truly open global financial markets grows, traders and collectors of all kinds — retail novices, institutional professionals, independent experts, and more — will want to understand what the smart money is doing across all blockchains."
The report said that Andreessen Horowitz has long identified blockchain and cryptocurrency as major growth drivers for the future and has allocated capital accordingly. The venture firm recently announced a $2.2 billion fund dedicated to crypto startups. That’s in addition to the billions in strategic investments made so far.
Venture funds have poured billions into the blockchain industry this year alone, funding everything from exchanges to liquidity aggregators and up to infrastructure developers.
Thus, existing blockchain companies are also growing in scale, with the likes of BlockFi reportedly seeking a $5 billion valuation following several successful investment rounds.