Nansen, an Ethereum-focused analytics platform, has raised $12 million in a Series A round led by Andreessen Horowitz. The firm said in an announcement that Skyfall Ventures, Coinbase Ventures, and imToken Ventures also joined the round.
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Nansen plans to use the raised capital to enhance user experience, increase support for additional blockchains and layer 2 solutions, including Polygon, Optimism, Arbitrum, and moreTalent, through hiring and acquisitions.
"In traditional finance, most investors rely on coarse macro metrics. In crypto, blockchain analytics allows you to go much deeper - down to the individual transaction," the company said.
The platform was launched in April 2020, and since then, its revenue had gone up by over 1,000x. The firm also notes an increase from its initial team of three co-founders to a team of 30 people. a16z's latest investment comes after the venture capital firm completed fundraising for its third crypto fund in which it attracted $2.2 billion.
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