Merkle Science raises $19m to tackle Web 3.0 risk mitigation
The Singapore-based firm has extended its Series A round to help mitigate risk for crypto firms
Blockchain analytics platform Merkle Science has raised an additional $19m (£15.68m) as part of its extended Series A funding round, bringing the total amount to more than $24m.
The extension round was co-led by Dubai-based BECO Capital, Darrow Holdings and K3 Ventures, with participation from new investors including Republic Crypto, Summer Capital, 500 StartUps APAC and Coinhako.
A series of existing investors, including Kraken Ventures and Digital Currency Group (DCG), also participated in the round.
Merkle Science said it would use the fresh capital to invest in its technology to solve the most complex challenges in Web 3.0 across risk mitigation, compliance, and forensics. It also aimed to accelerate its product offering to help businesses tackle issues such as tracking funds stolen in crypto-bridge exploits across multiple blockchains and expand its dataset to include more than 30 blockchains.
Financial safeguarding in crypto
Founded in 2018, Merkle Science works with financial institutions and crypto firms to offer predictive crypto risk analysis to help businesses navigate the evolving regulatory landscape of Web 3.0. It provides predictive and machine learning-driven transaction monitoring that can help prevent scams as well as help firms detect, investigate and prevent any illegal activities.
More than $2bn was lost via scams and hacks via cross-chain bridge exploits in 2022, with more than 97% of all stolen cryptocurrency having been taken from decentralised finance (DeFi) protocols. The firm maintained that the Web 3.0 ecosystem’s bad actors have not been dissuaded by the bear market.
Mriganka Pattnaik, CEO at Merkle Science, said: “Our team is building the next generation of Web 3.0 compliance and forensics solutions.
“This latest funding allows us to make significant investments in our technology, R&D and go-to-market teams – so that we can more quickly build the infrastructure to enable our ecosystem’s safe and healthy growth.”