Digital asset analytics provider The TIE has closed a strategic investment round backed by some of the most prominent blockchain investors, highlighting increased demand for crypto data and software services.
TIE raised $9M in Series A funding at a $100M valuation, making it one of the biggest cryptanalytic services out there. 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 Groupbetter known as NYDIG.
TIE said the new capital injection will be used to further expand its product development and increase internal capacity. Nearly 100 crypto companies currently use The TIE’s services.
— Cointelegraph (@Cointelegraph) February 5, 2022
The TIE product suite includes the SigDev Terminal, a customizable data and news analytics platform used by leading hedge funds and financial services firms, as well as media companies such as Cointelegraph. The company also hosts Token Labs, a service to help token issuers make more informed, data-driven decisions across their business.
The TIE also provides sentiment analysis and several other datasets that feed into the Cointelegraph Markets Pro VORTECS™ Score, a real-time algorithmic scoring that helps traders understand the current health of the market for a given digital asset.
The company announced that John Wu, 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 first the stages of the fundraising process and is used by established startups to further optimize their product offerings. Crypto startups garnered record interest from the venture capital community in 2021, with over $25 billion flocking to these companies through various rounds of funding. As Cointelegraph reported, venture capital funding grew by more than 700% between 2020 and 2021.
Data terminals and market analytics are commonly 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 becomes increasingly important.
Joshua Frank, co-founder and CEO of The TIE, confirmed to Cointelegraph that his company serves many hedge funds that have launched or made significant progress in the digital asset market. “Like liquidity in cryptocurrency markets, information in 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 just to stay on top of the market.”
We have TikTok crypto data, let us know if you want a demo.
— The TIE (@TheTIEIO) March 15, 2022
“Our biggest customer base is the buy side and we work primarily with the front office,” he said.