Parsec Crypto Analytics Raises $4 Million in Investment Round Led by Billionaire Novogratz’s Uniswap and Galaxy Digital | Taza Khabre

Source: Parsec

On-chain DeFi and NFT professional analytics platform Parsec has secured $4 million in an investment round.

Sharing the news on X, the crypto-powered analytics platform revealed that the investment round was led by billionaire pro-crypto investor Mike Novogratz’s Galaxy Digital.

Other key investors include popular decentralized exchange (DEX) and automated market maker (AMM) Uniswap. In addition, Robot Ventures, CMT Digital and several other investors.

The Parsec platform also named Will Price, Rice Maximalist and Freddie Framer as part of its angel investor teams.

Since launching in 2020, Parsec Finance has focused on providing cryptocurrency-facing institutions with the transparent and actionable data they need to make decisions.

The platform enables crypto-assets and institutions to access verifiable information across multiple blockchain networks and layer 2 scaling solutions as liquidity moves rapidly.

This mission has attracted the attention of several crypto investment heavyweights such as Polygon Capital and Galaxy Digital.

The on-chain DeFi and NFT analytics company raised $1.25 million in a pre-seed funding round in 2021. This recent raise is the second.

CEO and founder Will Sheehan explained that this new capital increase is focused on expanding the protocol’s user base.

This ideology is already in play when the Parsec Finance team announced the launch of their new Teams feature.

This functionality allows people working in an organization to use shared resources, such as private address labels, layouts, and the Parsec application programming interface (API).

Providing more information about the API, Parsec said it bundles all curated data into a Python software development kit (SDK) for easy retrieval by data teams.

Raise Focused on Product and Team Building

Speaking about the recent milestone, Sheehan stated that Parsec Finance has focused more on delivering real value to DeFi and the decentralized economy rather than rushing to market, hence its slow start.

However, he noted that this recent increase will be crucial to speeding up plans for the blockchain analytics platform.

According to Sheehan, Parsec Finance will aim to expand its eight-person team to deploy more tools on the chain for users to take advantage of.

Speaking about the platform’s unique selling proposition (USP), Parsec’s Sheehan said its customizable and modular dashboard has seen it compete favorably with industry giants such as Nansen and Messari.

The DeFi and NFT analytics service provider has 110 customizable components rendered in real-time on dashboards as visualizations.

These easy-to-understand infographics make it easy for users to quickly act on selected information.

Parsec Finance currently offers its on-chain analytics services on Ethereum, Arbitrum, Optimism, Base, zkSync, Avalanche, Canto and Mantle.

According to its founder, the protocol is preparing to expand its on-chain presence in at least five to ten blockchain networks. Polygon, Scroll, Monad, dYdX and Berachain are among the blockchains targeted for this expansion.

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