The rise of crypto analytics: Data provider The TIE valued at $100M following Series A

The rise of crypto analytics

Digital asset analytics provider The TIE has closed a strategic investment round backed by some of blockchain’s most prominent investors, underscoring heightened 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 in the market. The funding round was led by Blizzard, an Avalanche-focused investment fund, with additional participation from executives at Golden Tree Asset Management, Nexo, Gemini, Frontier Fund, Republic Capital, Hudson River Trading and New York Digital Investment Group, better known as NYDIG. The fresh funding will be utilized to expand TIE’s product development and in-house capability, according to the company. The TIE’s services are now used by around 100 crypto firms. The SigDev Terminal, a configurable data analytics and news platform used by prominent hedge funds and financial services firms, as well as media companies like Cointelegraph, is part of the TIE’s product package. Token Labs, a tool that helps token issuers make more educated data-driven decisions across their organization, is also housed inside the firm. The TIE also powers the Cointelegraph Markets Pro VORTECSTM Score, a real-time algorithmic assessment that helps traders understand the current state of the market for a certain digital asset, by providing sentiment analysis and various other statistics. The company announced that Ava Labs president John Wu will join its board of directors. Wu said that “robust data and workflow solutions” are essential to institutional investors, implying that such data services in crypto could hasten 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 drew record interest from the venture capital community in 2021, with more than $25 billion flowing to such companies across various funding rounds. As Cointelegraph reported, venture capital funding grew over 700% between 2020 and 2021.Investment professionals use data terminals and market analytics on a regular basis to trade financial assets, analyze data, and enhance user workflow. The need for advanced analytics is growing increasingly critical as the crypto business continues to attract institutional funding. The TIE’s co-founder and CEO, Joshua Frank, admitted to Cointelegraph that his company serves a number of hedge funds who have dabbled with or made considerable progress in the digital asset market. “Information within the space is fragmented, just like liquidity in bitcoin markets,” Frank said in a written statement. “To keep on top of the market, institutional investors are obliged to use 20 different websites and spend numerous hours browsing through Twitter and Discord.” “Our most significant client base is the buy side and we are primarily working with the front-office,” he said.