Blockchain intelligence platform Metrika has concluded a $14 million Series A fundraiser to bootstrap the next phase of its growth strategy, further underscoring the venture capital demand for budding blockchain startups.
Metrika announced Tuesday that the funding will be used to further develop its blockchain intelligence platform, which provides monitoring and analytics for decentralized networks, as well as to expand its user base. The investment round was led by Neotribe Ventures with participation from Coinbase Ventures, Samsung NEXT, Nyca Partners and others.
Combined with its $3.7 million seed round, Metrika has successfully raised $17.7 million to date.
Although Metrika has yet to emerge as a household name in blockchain intelligence, the company boasts several high-profile customers, including Algorand, Solana, Blockdaemon and NBA Top Shot creator Dapper Labs. Metrika provides an operational intelligence service that helps companies to monitor the health of their blockchain networks and improve their performance.
The continued growth of the decentralized economy has created a new demand for blockchain intelligence services. As Cointelegraph recently reported, this demand isn’t limited to just market participants but is true of regulators as well. Last month, a spokesperson from blockchain analytics firm AnChain.AI confirmed that the United States Securities and Exchange Commission had offered the firm a $125,000 annual contract to help monitor and regulate the DeFi industry.
Related: Coinbase signs new $1.36M contract with US Customs enforcement agency
Meanwhile, cryptocurrency exchange Coinbase recently signed its second contract centered around its blockchain analytics service with U.S. Immigration and Customs Enforcement.
There’s also growing evidence that the payments sector is integrating blockchain intelligence technology as part of its wider embrace of cryptocurrencies. Earlier this month, Mastercard announced it had acquired crypto forensics company CipherTrace for an undisclosed amount.