Data provider The TIE valued at $100 million after Series A

Digital asset analytics provider The TIE has closed a strategic investment round backed by some of the most prominent blockchain investors, underscoring the increased demand for crypto data and software services.

TIE raised $9 million in Series A funding with a valuation of $100 million, making it one of the largest cryptanalysis services on the market. The funding round was led by Blizzard, an avalanche-focused investment fund, with additional participation from executives at Golden Tree Asset Management, Nexo, Gemini, Frontier Fund, Republic Capital, Hudson River Trading and New York Digital Investment Groupbetter known as NYDIG.

The TIE said the new capital injection will be used to further scale product development and increase internal capacity. Almost 100 crypto companies are currently using The TIE’s services.

TIE’s suite of products includes the SigDev Terminal, a customizable data analytics and messaging platform used by leading hedge funds and financial services firms, as well as media companies like Cointelegraph. The company also hosts Token Labs, a service that helps token issuers make more informed data-driven decisions across their businesses.

The TIE also provides sentiment analysis and several other datasets to support it Cointelegraph Markets Pro VORTECS™ Score, a real-time algorithmic score that helps traders understand the current state of the market for a specific digital asset.

The company announced this Ava Labs President John Wu will join its board of directors. Wu said that “robust data and workflow solutions” are essential for institutional investors, implying that such data services in crypto could accelerate adoption in legacy finance.

The Serie A is one of the earliest stages of the capital raising process and is used by established startups to further optimize their product range. Crypto startups drew record interest from the venture capital community in 2021 more than $25 billion which flow to such companies via various rounds of financing. As Cointelegraph reported, venture capital funding grew by over 700% between 2020 and 2021.

Related: Crypto Quant Firm Gauntlet Raised $1 Billion After Series B

Data terminals and market analysis are routinely used by investment professionals to trade financial assets, monitor information, and streamline user workflows. As the crypto industry continues to attract institutional capital, the need for advanced analytics becomes increasingly important.

Joshua Frank, co-founder and CEO of The TIE, confirmed to Cointelegraph that his firm serves many hedge funds that have either dabbled in the digital asset market or made significant inroads. “Just like liquidity in cryptocurrency markets, information within the space is fragmented,” Frank said in a written statement. “Institutional investors are forced to use 20 different websites and spend countless hours scrolling through Twitter and Discord just to keep up with the market.”

“Our main customer base is the buy-side and we mainly work with the front office,” he said.