Flipside Crypto raises in $7.1 million in seed funding to provide analytics and business intelligence to crypto organizations

Flipside Crypto, blockchain startup that utilizes blockchain transaction data, developer activity and trading signals to characterize cryptocurrencies, has raised $7.1 million in a Series Seed Prime financing to expand the team and augment Flipside Crypto’s data science and analytics capabilities designed to help cryptocurrency organizations grow.

The seed round was led by Galaxy Digital Ventures with participation from Collaborative Fund, CMT Digital and Avon Ventures, a venture capital fund affiliated with FMR LLC, the parent company of Fidelity Investments. Previous investors True Ventures, Founder Collective, Digital Currency Group, Castle Island and Boston Seed all participated in this financing round as well.

Flipside Crypto was founded in 2017 Dave Balter, Eric Stone, and Jim Myers. The startup is led by CEO Dave Balter who previously was the CEO of Smarterer, which was acquired in 2014 by Pluralsight and BzzAgent, acquired in 2010 by Tesco. Flipside Crypto characterizes cryptocurrencies by tracking blockchain transaction data, developer activity and trading signals and summarizing as FCAS, a single, consistently comparable value for measuring cryptocurrency project health. The company licenses FCAS, project utility and developer behavior data via its FCAS Coin Health Library.

“Earlier this year, sophisticated cryptocurrency organizations began realizing their technical visions, and now have moved to operating more like other types of businesses,” said Dave Balter, CEO of Flipside Crypto. “As this market matures, so does the requirement to understand customers and revenue drivers, and Flipside’s solutions are uniquely designed to aid cryptocurrency and blockchain businesses with their growth. We couldn’t be happier to add Galaxy Digital Ventures, Collaborative Fund, CMT Digital and Avon Ventures as investment partners, supporting our vision and playing a key role in helping the cryptocurrency industry blossom.”

Flipside’s Chainwalker Blockchain Parsing Service enables the easy extraction and decoding of blockchain data to provide unparalleled insights. Chainwalking provides customers with in-depth understanding of the impacts of on- and off-chain activities on speculators, holders, miners, stakers and token customers. It also provides capacity to understand how these activities directly influence price positively or negatively. More than 25 blockchains have been parsed including Algorand, KIN, AION, DASH, Ontology, VeChain and Steem, as well as Bitcoin and Ethereum.

“Blockchains, the organizations that support them, and the applications that build on them are first and foremost businesses that need customers and revenue to succeed,” said Greg Wasserman, Head of Venture at Galaxy Digital Ventures. “There is a strong demand for analytics that help these companies tie off-chain activities to on-chain results and price, which is exactly what Flipside provides. We’re thrilled to partner with Dave, Jim, Eric, and the rest of the team to execute on this powerful vision.”

Portions of Flipside Crypto’s data are also distributed as the FCAS ratings system, which stands for Fundamental Crypto Asset Score. FCAS provides insights regarding the fundamental health of more than 520 cryptocurrencies. To date more than 75 cryptocurrency organizations have signed up to receive Flipside Analytics, a free suite of business intelligence services for cryptocurrency projects. More than 2,500 customers utilize FCAS Tracker, a solution for investors to track FCAS and its subcomponents. FCAS is distributed via partners such as CoinMarketCap, Messari, MarketWatch on StockTwits and TheStreet.

“Outside all the buzz and volatility of the trading markets, there are teams like Flipside Crypto that are building the necessary infrastructure and analytics tools to help crypto projects grow and mature as mainstream businesses,” said Sachin Patodia, venture partner at Avon Ventures. “We’re excited to help Flipside build robust ‘picks and shovels’ for this rapidly institutionalizing industry.”