Flipside Crypto, a Boston, MA-based business intelligence platform for cryptocurrency and blockchain organizations, raised $7.1m in a seed financing.
The round was led by Galaxy Digital Ventures with participation from Collaborative Fund, CMT Digital and Avon Ventures, a venture capital fund affiliated with FMR LLC, the parent company of Fidelity Investments, as well as previous investors True Ventures, Founder Collective, Digital Currency Group, Castle Island and Boston Seed.
The company intends to use the funds to expand the team and augment its data science and analytics capabilities.
Led by Dave Balter, CEO, Flipside Crypto provides the Chainwalker Blockchain Parsing Service, which enables the extraction and decoding of blockchain data to provide insights. Chainwalking provides customers with understanding of the impacts of on- and off-chain activities on speculators, holders, miners, stakers and token customers, as well as capacity to understand how these activities directly influence price positively or negatively.
More than 25 blockchains have been parsed including Algorand, KIN, AION, DASH, Ontology, VeChain and Steem, as well as Bitcoin and Ethereum.
Portions of data are also distributed as the FCAS ratings system, which stands for Fundamental Crypto Asset Score. FCAS provides insights regarding the fundamental health of more than 520 cryptocurrencies.
To date, over 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. FCAS is distributed via partners such as CoinMarketCap, Messari, MarketWatch on StockTwits and TheStreet.