Vancouver based Blockchain data analytics firm Covalent raises $3.1M

Ethereum data analytics firm, Covalent closes an "oversubscribed" funding round, thus raising $3.1 million from accredited investors.

By · Oct 8, 2020 . 6min read

Covalent raises $3.1M news

Interestingly, what seems to be like a never-ending DeFi boom, another Ethereum Dapps supporting Blockchain data analytics firm Covalent raises $3.1 Million in an over-subscribed funding round. Vancouver based unified API firm aims to boost transparency and visibility for digital assets across the blockchain networks. Covalent announced its funding round wherein it raised $3.1M from stellar backers like 1kx Capital, Woodstock Fund, and Mechanism Capital. Investors from AU21, Brilliance, TRGC, Alameda and CoinGecko also actively participated in the funding rounds.

According to Covalent, this funding utility will include product advancements. It will also actively focus on capturing markets in order to lead the DeFi Data Analytics space.

With this new funding round and stellar backers, we are doubling-down on product and market development. We are building towards a future wherein Covalent plays an integral role in not just crypto, but all data locked up in private databases.

Ganesh Swami, CEO & Co-founder

Key factors that Covalent focuses on to drive the DeFi Space.

The two significant areas that Covalent addresses are Blockchain Data Transparency & Visibility. With the overgrowth of the Blockchain network and its usability, there is an increased need for on-chain data and analytics. A blockchain data querying service like Covalent is required in order to keep enterprises ahead of its competitors, especially in the fast-paced DeFi space. The Covalent technology solutions are useful to wallets, exchanges, custodians and taxation amongst others.

Currently, Covalent supports enterprises; however, it is looking forward to aiding its support to developers. It is actively providing its data analytics services to Ethereum network. Furthermore, it plans to support Ethereum sidechains as well as layer 1 blockchain, which is live.

Covalent understands the nuances of the Blockchain network and its ecosystem. With the craze in DeFi yield farming, it is necessary for users to get accurate and unified data from API’s to keep abreast its competition and make informed decisions for their positions. Thus Covalent service comes handy as it provides incredible expertise by covering 20,000 smart contracts. Covalent serves in a way wherein users have access to unified and fragmented data in its purest form—thus empowering the DeFi ecosystem along with scalability.

The community-centric analytics firm, Dune Analytics, raised $2M funding in a seed round last month. With the growing demand in the DeFi industry, several companies have raised funds in the previous month. The ever-growing financial markets aim to expand beyond measures. 

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