Nansen Analytics ETH Startup Secured $1.2 Million Seed Investment

The Nansen analytics ETH-based startup successfully secured a $1.2 million seed investment. The company is a data startup bootstrapped by Alex Svanevik, Lars Bakke Krogvig and Evgeny Medvedev so let’s learn more about it in the latest ETH news.

Skyfall Ventures and Mechanism Capital led Nansen’s first-ever funding round with additional support from Volt Capital, Fabric Ventures, Robot Ventures, and others. The individual investors include Eric Connor, an Ethereum developer, Anthony Yoon, and Sergei Chan from FTX and DEribit exchange who also participated in the seed round. Robert Leshner, the founder of Compound Finance and Robot Ventures who said:

 “Proud to support [Nansen}, which is building the analytics & intelligence to make sense of the increasingly large & complicated decentralized finance (DeFi) industry.”

Evgeny, Lars, and I did not take the decision of raising money lightly. We were prepared to bootstrap Nansen, as we've had cash flow since day 1 – doubling our revenues on a monthly basis.

— Alex Svanevik 🧭 (@ASvanevik) October 27, 2020

Nansen’s CEO Alex Svanevik said that “top priory is growing in the team so we get more bandwidth to deliver on our roadmap.” The wallet label database for millions of ETH addresses is Nansen’s strongest selling point. Svanevik also said about new features in the pipeline like tracking activities of smartest ETH and DeFi investors and alerts for notable transactions and personalized dashboards for the customers by adding:

 “Finally, we will continue to work hard to ensure we have the best coverage and quality of wallet labels in the industry.”

We @volt_cap are very excited to back @nansen_ai@ASvanevik & team are building an analytics platform for DeFi. Their product analyzes activity from 50m+ wallets!

A much needed product to surface signal from the noise in the complex DeFi industry

Congrats @ASvanevik & team https://t.co/ZFtzYciX1X

— Adam Patel (@adampatel23) October 27, 2020

Since the launch in April, the company acquired more than 1200 customers that use Nansen analytics for on-chain analytics and market signals. As mentioned recently, the technical break above the $420 resistance level confirms a continuation of last week’s bullish breakout and the on-chain data analysis shows an increase in activity on the ETH blockchain. Ethereum was consolidating for the past three trading days after the buyers failed to break above the key-short term resistance close to the $420 level. The on-chain analysis reveals that buyers are preparing for a second attempt. ETH managed to break above the $400 resistance level last week after PayPal’s announcement to allow its 350 million users to buy and sell cryptocurrencies on the platform.

Ethereum’s DEX volume crashed in October as Sam Bankman-Fried predicted that the surge in trading volume would be short-lived and he was right. In early October, Sam Bankman Fried, the CEO of FTX which operates the decentralized exchange Serum, predicted that a surge in trading volume on Ethereum’s DEXs will not last.