By
Godfrey Benjamin
November 13th, 2020
With the new financing, Dune Analytics will educate, reward and empower a new generation of web3 data analysts.
The trend of crypto firms reaching unicorn status has spilt over to 2022 as this time the powerful blockchain research tool provider Dune Analytics achieves the same. In a recent announcement made through their blog, Dune Analytics confirmed raising $69,420,000 in a Series B funding round to hit the unicorn valuation of $1B. Led by global investment management company Coatue, the round also saw participation from existing investors like Dragonfly Capital and Multicoin Capital. Prior to this, Dune Analytics’ Series A round raised a mere $8 million last July. The company has not disclosed the nature of the Series B round with respect to being an equity or a token round.
When asked for his opinion on the growing valuation of crypto data-specific firms thanks to the successful funding round, Dune Analytics’ CEO and co-founder Fredrick Haga called the increase in crypto-based financial activities as one of the primary reasons.
What does Dune Analytics Plan to Use the Fund Proceeds for?
The first and foremost big plan in action is to build a super community of 1 million analysts also called Dune Wizards. The firm wants to offer these analysts, currently 10,000 in number, a vast pool of blockchain data that they can use to add value to the crypto community while also finding similar jobs. Besides the community building part, Dune also wants to support more blockchains such as Solana and Ethereum Virtual Machines (EVM) chains, etc. in addition to the existing platforms like Ethereum, Binance Smart Chain, Polygon, and so on. Creating the ‘in-demand’ API is next on its to-do list, which will allow “boundary-less research, building, tinkering, trading, and beyond.”
With just 16 employees, the company is planning to use the funds for hiring more staff in addition to investing in educational resources to teach blockchain data interpretation to the common man. This will ensure the education of even those interested individuals who do not possess a suitable technical background. Systemic changes with respect to improving its query engine, execution time and support features also are on the agenda.
Dune Analytics is an Oslo-based Ethereum-centric and community-driven analytics platform. It offers free and paid tools to create, explore and share crypto-based analytics in the form of dashboards and data charts using SQL queries. If you are a Blockchain enthusiast or professional needing data analysis tools, Dune Analytics is the perfect platform as it provides key metrics for DeFi, NFTs and more. With the new financing, it will educate, reward and empower a new generation of web3 data analysts aka Dune Wizards to make crypto data accessible.
