Parsec, a crypto on-chain data analytics platform, announced a fresh $4 million funding round and a DeFi and NFT analytics product.
Michael Novogratz’s Galaxy Digital led the funding round, with Uniswap Labs Ventures, Robot Ventures, CMT Digital and others participating, Parsec said Wednesday. It was a seed extension funding round that closed earlier this year, Parsec founder and CEO Will Sheehan told The Block, declining to comment on specifically when the fundraising process began and closed, as well as on the structure of the round and valuation.
Parsec’s seed extension round comes nearly three years after it raised a small $1.25 million seed round in January 2021. Sheehan said Parsec has been lean since its inception in 2020 and raised the new round to keep expanding its offerings and user base.
There are currently eight people working for Parsec and Sheehan looks to hire a few people in the technical function. As for new offerings, Parsec has today launched a “team” product and opened its API to the public, which was previously invite-only. Team is a DeFi and NFT analytics product that includes tooling, the complete Parsec feature set, API access and account management service. The API lets developers and analysts integrate Parsec’s data into their own systems.
What is Parsec?
While several on-chain analytics platforms exist, including Nansen and Glassnode, Sheehan said Parsec’s competitive edge is its maximally customizable and modular dashboard.
“We have the best data visualizations in the game — we offer users more than 110 customizable components, all in real-time,” he said. “Our data is shared through dashboards and visualizations that traders understand and can act quickly on.”
Parsec currently supports eight blockchains on its platform — Ethereum, Arbitrum, Optimism, Base, zkSync, Avalanche, Canto and Mantle — and plans to add five to ten more networks in the coming months, Sheehan said. Some of the networks that interest Parsec are Polygon, Scroll, Monad, dYdX and Berachain, Sheehan added.
Leland Lee, an investor on Galaxy’s venture team who led the Parsec investment, said in a statement, “Companies like Parsec will play a pivotal role in bringing more institutions on-chain by providing deep DeFi and NFT data transparency that enables audits, risk management, and advanced trading strategies.”
Source: The Block
