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Flipside Crypto secures $7.1M in latest funding to offer better analytics to crypto and blockchain organizations

Tue, 24 Sep 2019, 15:04 pm UTC

Flipside Crypto, a crypto-focused data analytics company, has raised $7.1 million in a Series Seed Prime round led by Galaxy Digital Ventures, The Block reported.

The funding round also saw participation from Collaborative Fund, CMT Digital and Avon Ventures. Existing investors, including Digital Currency Group, True Ventures, and Boston Seed, also participated in the round.

Flipside has raised a total of $11.6 million in funding so far. Speaking with CoinDesk, CEO Dave Balter said that the latest funding brings the firm’s valuation to $32.1 million. The company plans to use the fresh funding to expand its team and further develop its solutions. Balter said that he wants the team to grow to 21 employees by early 2020.

“We’ll be continuing to invest deeply in resources and solutions to enable depth of insights that are able to be acted upon,” Balter told The Block. “This raise will add a few resources, but it’s really about continued development of the solutions and data we are able to provide to our customers.”

Founded in 2017, Flipside Crypto enables crypto projects to grow their businesses by monitoring project health, tracking customer behaviors, and providing insights into how activities impact stakeholders and price.

Flipside’s offerings include ChainWalker Blockchain Parsing Service – a blockchain parsing framework that enables easy extraction and decoding of blockchain data. According to a press release shared by CoinDesk, Chainwalking provides customers with in-depth understanding of the impacts of on- and off-chain activities on speculators, holders, miners, stakers and token customers, as well as how these activities directly influence the price.

So far, over 25 blockchains have been parsed including Algorand, KIN, AION, DASH, Ontology, VeChain and Steem, as well as Bitcoin and Ethereum.

Furthermore, Flipside said that portions of its data are also distributed as the Fundamental Crypto Asset Score (FCAS) ratings system, which provides insights regarding the fundamental health of more than 520 cryptocurrencies. FCAS is distributed via partners such as CoinMarketCap, Messari, MarketWatch on StockTwits and TheStreet.

“To date more than 75 cryptocurrency organizations have signed up to receive Flipside Analytics, a free suite of business intelligence services for cryptocurrency projects. More than 2,500 customers utilize FCAS Tracker, a solution for investors to track FCAS and its subcomponents,” the release said.

Speaking with CoinDesk, Balter pointed out that many projects are particularly looking for activities that correlate with a surge in the price of their token. Flipside’s analysis shows that the perception of the future potential a network or asset has a stronger impact on the market than its actual usage.

He also emphasized on another “abnormal” pattern – a growing customer base does not have a direct impact on the price.

“You can’t associate those two things [real users and price] just yet,” Balter explained, adding that this could shift as the market matures.

Crypto analytics is quickly gaining prominence and attracting millions of dollars in funding. Japanese financial giant recently led Elliptic’s $23 million Series B round. Coin Metrics raised $1.9 million in a seed funding round led by Castle Island Ventures and participation from Fidelity Investments, Highland Capital Partners and Dragonfly Capital. Chainalysis secured $30 million in a Series B funding round, while CipherTrace raised $15 million in a funding round earlier this year.

Noting this “healthy” space currently being formed, Balter told The Block that what sets Flipside apart from the rest is its target customer – unlike the majority of data organizations which consider investors as their customer, Flipside solely provides business intelligence to blockchains and cryptocurrency organizations.

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