Citigroup Led $15 Million Series A Round for Amberdata

The American blockchain analytics startup Amberdata announced that it had raised $15 million in a Series A funding round. It was led by the financial conglomerate Citigroup.

Participants included Franklin Templeton, Galaxy Digital, Rovida Kruptos Assets, and executives from GoldenTree Asset Management as private investors.

Joining them was venture firm HWVP, which previously led the startup’s seed round.

Amberdata’s representatives plan to deploy the raised funds to double the size of its research and development staff and scale the business in the United States and abroad.

According to the press release, the firm provides analytics on blockchains, crypto markets, and the decentralized finance sector. Clients use the data for research, trading, risk assessment, analytics, reporting, and compliance.

“Partnering with a group of strategic investors gives us an unprecedented view of the prospects and challenges for enterprises. Blockchain technology enables the creation and offering of entirely new financial products at a much lower cost to access the global market. We are seeing growing institutional interest in crypto assets,” said Amberdata CEO Sean Douglas.

According to Citigroup’s Head of Foreign Exchange Itay Takman, collaborating with the startup helped the corporation to “use data much faster than expected.”

Citigroup set up a unit to work with digital assets in the summer of 2021.

Earlier Takman noted clients’ interest in trading cryptocurrencies.