The team behind the platform that allows users to track data on the Ethereum blockchain, Dune Analytics, announced the firm has raised $8 million from strategic investors like Union Square Ventures. Dune Analytics detailed the firm plans to leverage the new financing in order to hire more help and monitor other blockchains.
Crypto Metrics Provider Dune Analytics Raises $8 Million
Crypto data services and analytics has seen massive demand in 2021 as everyone wants to gather factoids on their favorite crypto assets. Bitcoin.com News recently reported on the crypto firm Messari raising $21 million in a financing round.
Furthermore, the crypto analytics company Skew was acquired by Coinbase this year and Coin Metrics recently raised $15 million with Goldman Sachs leading the round. Dune Analytics is a set of data tools that users can leverage for free in order to gather insight on Ethereum and decentralized finance (defi) analytics.
Last September, Dune Analytics raised $2 million in seed funding and on Thursday the company revealed raising $8 million in a Series A. The Series A round was led by Fred Wilson’s Union Square Ventures. Additionally, venture firms like Multicoin Capital, Redpoint Ventures, and Dragonfly joined the Dune Analytics Series A round.
We are on a mission to make crypto data accessible💫
Meaning every single metric from every single data source easily available to the community for free👌🤯📊
The data must flow and therefore we’ve raised a:
🚨 $8M SERIES A LEAD BY @usv🎉🧙♀️
🧵👇https://t.co/MgHEKYGhKG pic.twitter.com/3PRMNCfTLr
— Dune Analytics (@DuneAnalytics) August 12, 2021
Dune Analytics’ tools offer a great number of charts and graphs but users can also create their own data charts. The web portal offers insights to data concerning the recent EIP1559 implementation so ETH users can observe metrics like fees burned. Dune Analytics offers decentralized exchange (dex) volumes, non-fungible token (NFT) marketplace data and analytics showing the number of defi users over time.
“At Dune Analytics we’re on a mission to make crypto data accessible. This is a mission that is getting harder by the day,” the company’s capital raise announcement noted. “Every new product, chain, and scaling solution increases data amount and fragmentation as they grow in adoption and throughput. Nevertheless, we are determined to realize this mission by making every single interesting metric across every single crypto data source easily accessible for free to the community.”
Dune Analytics: ‘The Data Must Flow’
In addition to Dune Analytics, Skew, Coin Metrics, and Messari, the company Dappradar raised $5 million last May. At the end of June, the crypto data firm Nansen raised $10 million from investors.
“At Dune Analytics we’re a small team with an outsized impact on the future of finance and financial data,” the Dune Founders Fredrik and Mats concluded. “Throughout this year we’ve grown the Dune team to eight people spread throughout Europe. To further enable convenient access to crypto data across more use cases, data sources and at a bigger scale we’re now hiring for a range of roles. The data must flow.”
What do you think about Dune Analytics raising $8 million in a Series A financing round? Let us know what you think about all these crypto analytics firms raising millions in 2021 in the comments section below.
