June 26, 2024
Covalent, a blockchain data infrastructure provider, has secured $5 million in a new funding round led by RockTree Capital, with CMCC Global, Moonrock Capital and Double Peak Group also participating. The company plans to leverage the fresh capital to bolster its presence in Asia and promote the adoption of long-term data accessibility in key markets like China and Singapore.
Project | Latest Raise | Latest Raise Date | Stage | Lead Investor | Category |
|---|---|---|---|---|---|
Covalent | $5M | June 26, 2024 | Series A | RockTree Capital | AI |
Launched in late 2023, Covalent's flagship offering, the "Ethereum Wayback Machine", allows users to retrieve historical blockchain data, similar to how web archive tools function on the web.
This recent funding round adds to Covalent's existing war chest of $20 million raised through token sales. The company also boasts the backing of prominent venture capital firms including Hashed Ventures, Coinbase Ventures, Binance Labs, and Delphi Ventures.
Covalent's co-founder, Ganesh Swami, expressed his enthusiasm about the company's prospects in Asia, highlighting the immense potential for the region to emerge as a leader in the forthcoming cryptocurrency boom. He envisions Covalent playing a significant role in driving local adoption and innovation through its "Ethereum Wayback Machine", which serves as a gateway to permanent data storage.
RockTree Capital, the lead investor in this funding round, commended Covalent's team for their unwavering dedication to pioneering the convergence of artificial intelligence and Web3. The venture capital firm believes that Covalent's use case will flourish as this convergence accelerates.
About Covalent
Covalent is a modular data infrastructure and decentralized network run by node operators in 25 countries.
Website: https://www.covalenthq.com/
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About Investor
Investor: RockTree Capital
RockTree Capital is an early stage crypto-native fund and merchant bank based in Beijing, China. Our portfolio companies experience geometric scale in Asian markets through the RockTree Acceleration Program by combining our ultra-localized go-to-market strategies and grassroots long-term community building.
RockTree portfolio companies get to leverage our deep regional relationships with leading crypto exchanges (including listings), our extensive network of institutional capital collaborators, and other Web3 partners, as well as implementing a hyper-effective growth marketing approach to rapidly scale retail, developer, and other community supporters.
Location: Beijin, China
Website/s: https://rocktreecapital.com/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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