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Nansen — the Singapore-based blockchain platform that analyzes on-chain data, wallet labels, and blockchain entities — announced it has raised $75 million. Nansen claims it combines on-chain data with a proprietary database of activity across over 100 million blockchain wallets to provide real-time, actionable insights for investors and financial institutions on the expanding blockchain ecosystem.
The announcement was made in a press release Thursday. This funding round is coming just six months after Nansen raised $12 million in series A funding. The funding was marshaled by Accel, with participation from GIC, Andreessen Horowitz (a16z), Tiger Global, SCB 10X, and other leading investors.
‘Actionable analytics’ for on-chain data
Nansen says it uses quality market intelligence and actionable analytics to help investors and financial institutions make more informed decisions on project discovery, due diligence, and trading. The company claims its analytics technology enables easier exploration of complex on-chain data on investors’ money flows and exchange activity, and analyzes emerging trends in DeFi, NFTs, and DAOs through user-friendly, streamlined visual dashboards.
The company says it analyzes billions of on-chain data points, millions of wallet labels, and thousands of entities on leading blockchains like Ethereum, Polygon, Binance Smart Chain (BSC), Fantom, Avalanche, Celo, and more.
Introducing new product lines
Nansen cofounder and CEO Alex Svanevik told VentureBeat via an email interview that the company will introduce new product lines like Nansen API and Nansen Query, enabling institutional clients to access Nansen’s on-chain data programmatically. Svanevik added that the company will continue to expand the platform by adding support for more blockchains and introducing innovative new product features. Protocol teams will be able to publish and access on-chain product analytics via the Nansen ecosystem offering, according to Svanevik.
“We’re ready for a new phase of growth, accelerating our international expansion, scaling up our data capabilities to support the wider blockchain ecosystem, and providing global investors with a world-class product to explore the latest crypto trends and make more informed decisions,” said Svanevik.
Svanevik said Nansen will use this additional capital to hire talent across product, engineering, operations, finance, sales, and marketing — adding that the company is now in a position to make strategic and complementary acquisitions. According to Svanevik, the funding will also help to expand the platform’s features and multichain integrations at a global scale.
The company was founded in 2020 by data science expert Svanevik, blockchain data processing expert Lars Krogvig, and large-scale data processing specialist Evgeny Medvedev. The company claims it has grown its user base by over 400% and expanded the team by hiring over 55 new team members across 28 countries since inception.
Andrei Brasoveanu, partner at Accel, said the crypto space has witnessed an explosion in the past year, including increasing interests in new areas such as NFTs and DeFi. “With transaction information in this space extremely fragmented across different projects, exchanges, and chains, there’s a huge opportunity for Nansen to become investors’ go-to platform for crypto insights and data, offering a trusted, single source of truth. Alex, Evgeny, and Lars’ deep experience in both data and crypto, the world-class product, and impressive traction since founding set the company up for an exciting journey ahead.”
Nansen currently has over 70 employees and says it expects to double that number in the next six months. The company has raised $88.2 million in total to date.
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