Digital asset analytics provider TIE has completed a strategic investment round backed by some of the most prominent blockchain investors, confirming the growing demand for crypto data and software services.
TIE has raised $9 million in $100 million Series A funding, making it one of the largest cryptanalytic services on the market. 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 Group, known as NYDIG.
TIE said the new capital injection will be used to expand product development and increase in-house capacity. Currently, about 100 crypto companies use TIE services.
The TIE product suite includes SigDev Station, a customizable data and news analytics platform used by leading hedge funds and financial services firms, as well as media companies including Cointelegraph. The company also includes Token Labs, a service that helps token issuers make informed business decisions based on data.
TIE also provides sentiment analysis and several other datasets that determine the Cointelegraph Markets Pro VORTECS™ score, a real-time algorithmic score that helps traders understand the current market conditions for a given digital asset.
The company announced that Ava Labs President John Woo will join the board of directors. Wu said “robust data and workflow solutions” are essential for institutional investors, suggesting that these crypto data services could accelerate adoption in legacy finance.
Series A is one of the first stages of the capital raising process, which is used by established startups to further improve their product offerings. Crypto startups generated record interest from the venture capital community in 2021, with over $25 billion going to these companies through various funding rounds. As reported by Cointelegraph, venture capital funding grew by more than 700% between 2020 and 2021.
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Data and market analysis terminals are commonly used by investment experts to trade financial assets, monitor information, and improve user workflow. As the cryptocurrency industry continues to attract institutional capital, the need for advanced analytics is becoming increasingly important.
Joshua Frank, co-founder and CEO of TIE, confirmed to Cointelegraph that his company serves several hedge funds that have either invested in or made significant strides in the digital asset market. “Like the liquidity of the cryptocurrency markets, information in space is fragmented,” Frank said in a written statement. “Institutional investors are forced to use 20 different sites and spend countless hours on Twitter and Discord to stay ahead of the market.”