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Cryptocurrency data fetches $3 mln Series A | #VentureCanvas

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Iris Dorbian | PE Hub – VC (US)


Boston and Minneapolis-based Nomics, a cryptocurrency data company, has secured $3 million in Series A funding. Arthur Ventures led the round.

PRESS RELEASE

BOSTON, MA and MINNEAPOLIS, MN / ACCESSWIRE / December 18, 2018 / Nomics, a cryptocurrency data company that delivers professional-grade, cloud-based data products and APIs for institutional crypto investors, today announces it has raised $3 million in Series A funding. Venture capital firm Arthur Ventures led the funding round and cryptocurrency industry veterans, such as BitGo Co-Founder Ben Davenport, Coinbase Ventures, CoVenture Crypto and Digital Currency Group, also participated.

Boston and Minneapolis-based Nomics will use the funding to develop new products based on significant demand for its data among institutional crypto investors. Specifically, the company will deploy the capital towards its goal of indexing 95 percent of all order book, raw trade and blockchain data available for cryptoassets. The company will also be adding more talent with plans to invest in its engineering team in 2019.

”Crypto investors need to make lightning fas decisions based on highly reliable, consistent, normalized and high fidelity data, which has never been easily attainable for the cryptocurrency asset class,” said Clay Collins, CEO of Nomics. ”Nomics addresses this problem and makes the decentralized financial system more accessible, useful and understandable. We’re developing the data ‘backbone’ for the open financial system and with this additional funding, we plan to build on our success by strengthening our offerings.”

The Nomics API enables users to access historical and real-time financial data about tokenized assets including price quotes, trading indicators and other types of normalized data through API endpoints. It addresses problems with cryptoasset data, such as inconsistency, accessibility and disaggregation. These issues have arisen with an explosion in new exchanges, new cryptoassets and trading volume in recent years. Crypto investors, such as hedge funds, can develop and test investment strategies, feed their machine learning models and trading algorithms, accurately track their portfolio and fluctuations in the market, and build compelling financial data-enabled software using the Nomics API.

”The Nomics API is well-equipped to keep pace with growing investor demand for accurate, gapless crypto market data,” said Patrick Meenan, partner at Arthur Ventures. ”Some of the largest industry players are Nomics customers and investors. The API product has made an impression on the market and with our investment, the company is well-positioned to accelerate growth and continue to meet growing demand. In addition, we were attracted to Nomics’ talented team, commitment to leading the API crypto data market, proprietary technology and strong client base.”

Nomics currently indexes over 3.5 billion data points and is serving over 35 million API calls per month. The investment includes additional participation from several crypto industry investors, including CityBlock Capital, King Capital, PolyMath and TokenSoft.
“Over time cryptocurrency data has become more expensive and complex to standardize,” said Nikhil Kalghatgi, partner at CoVenture Crypto. ”Unlike traditional markets where data feeds come from a central source, such as the NYSE, in the world of crypto, each exchange develops its own set of APIs. With different methods of organizing data, investors have problems with consistency and scalability. Nomics helps produce clean, consistent data, which is an integral part of the cryptocurrency infrastructure.”

For more information, please visit https://nomicsapi.com.

About Nomics
Based in Boston and Minneapolis, Nomics was launched in 2018 by co-founders Clay Collins and Nicholas Gauthier. The company was created in response to increasing demand for clean, gapless, high-fidelity cryptoasset data for funds, exchanges, and fintech developers. The company offers free and paid APIs for powering investment strategy backtests, machine learning models, real-time trading bots, portfolio valuation and fintech apps.

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Source: Cryptocurrency data fetches $3 mln Series A

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