Covalent, a blockchain data querying service has secured $3.1 million in funding co-led by investors Woodstock Fund, 1kx Capital and Mechanism Capital. Other strategic investors – AU21, Brilliance, TRGC, Alameda and CoinGecko also participated in the funding round. The new funding will be used to advance product and market development to cement Covalent’s leadership in the DeFi data analytics space.
According to their blog, digital assets secured by a blockchain network are on the verge of breakout growth. But there continues to be blind spots everywhere when trying to understand them. There is an urgent and growing need for indexed and queryable data to aide in the transparency and visibility of these assets. Covalent provides a unified API to bring full transparency and visibility to assets across all blockchain networks. Covalent’s proprietary technology enables a “no-code” solution that solves a vast array of use-cases for wallets, exchanges, custodians and taxation amongst others. The API allows easy access to blockchain data that is normalized, unified and granular.
With the new funding, Covalent is opening up its enterprise offering to all developers. In addition to the current state-of-art Ethereum indexed data, Covalent is expected to expand the data coverage to Ethereum sidechains and other layer-1 blockchains that are currently live.
“The difficult-to-access granular and fragmented data problem that Covalent is solving is extremely critical to building business intelligence solutions in the blockchain space. Having already built a blockchain-agnostic solution with strong traction in their category, we believe Covalent has the potential to be a Top 50 project in the next few years. We are super excited to back the Covalent team and work with them to scale their product.
Woodstock Fund commented,“The need for access to complex data on Ethereum is exploding. Covalent provides deep insights into contracts and tracks every storage operation, which is unique in the entire space. The team has shown incredible expertise at providing this data at scale and is on an exciting path to decentralizing access to these insights.”