Dune Analytics, an Oslo, Norway-based developer of a web3 analytics platform, raised $69.42M in Series B funding at $1 billion valuation.
The round was led by Coatue, with participation from existing investors including Multicoin Capital and Dragonfly Capital.
The company intends to use the funds to educate, reward, and foster a new generation of analysts, who will be empowered with real-time, actionable insights into web3 data.
Led by CEO Fredrik Haga and CTO Mats Olsen, Dune Analytics makes on-chain crypto data accessible and consumable through its community-powered platform. The company provides tools that allow data to be extracted, queried, dissected, and visualized in the form of real-time dashboards. Its infrastructure distributes financial rewards for user-generated content, attracting and incentivizing engagement from up to one million new web3 analysts, known as Dune Wizards, within the community. Dune Wizards will be able to create customized visualizations that communicate real-time on-chain intelligence and will also receive financial compensation for their ongoing engagement and contributions.
The company’s platform currently supports data queries for five blockchains: Ethereum, Polygon, Optimism, Binance Smart Chain and xDAI, with plans to incorporate all Layer-1 and Layer-2 smart contract platforms.
To date, more than 10,000 analysts have created 100,000 pieces of analysis on Dune that cover a wide range of metrics.