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

  • March 21, 2022

As more institutions look to trade digital assets like Bitcoin and Ether, data analytics is becoming increasingly important.

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 TIE said the new capital injection will be used to further scale its product development and increase in-house capacity. Nearly 100 crypto companies currently use The TIE’s services.

The TIE’s product suite includes the SigDev Terminal, a customizable data analytics and news platform used by leading hedge funds and financial services firms, as well as by media companies including Cointelegraph. The company also houses Token Labs, a service to help token issuers make more informed data-driven decisions across their business.

The TIE also provides the sentiment analysis and multiple other datasets that power the Cointelegraph Markets Pro VORTECS™ Score, a real-time algorithmic rating that helps traders understand the current health of the market for a given digital asset.

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.

Related: Crypto quant firm Gauntlet valued at $1B following Series B

Data terminals and market analytics are routinely 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 is becoming more important.

Joshua Frank, The TIE’s co-founder and CEO, confirmed to Cointelegraph that his firm is servicing many hedge funds that have either dabbled in or made significant strides in the digital asset market. “Just like liquidity in cryptocurrency markets, information within the space is fragmented,” Frank said in a written statement. “Institutional investors are being forced to use 20 different websites and to spend countless hours scrolling through Twitter and Discord just to stay on top of the market.”

“Our most significant client base is the buy side and we are primarily working with the front-office,” he said.