Fri, 26/07/2019 - 09:53
Digital Assets Data, a financial technology and data company focused on the burgeoning cryptoasset industry, has closed its first equity funding round, led by North Island, the investment firm of prominent technology investor and Silver Lake co-founder Glenn Hutchins, along with his son, James Hutchins.
After launching the Digital Assets Data platform with a USD6 million raise in its seed round earlier this year, this new injection of capital is an extension to the seed foundation and brings the total funds raised by the company to USD9.2 million.
The Digital Assets Data platform provides asset managers and other market participants with highly customisable, sophisticated tools to review and analyse crytpoasset on-chain, market, reference, and customer data from a multitude of sources. The platform, launched in March, helps clients compound their knowledge about the digital asset space and build any model, analytic, heuristic, or signal, as code.
Private equity pioneer Glenn Hutchins is well-known in the technology investment sphere. He is Co-Founder and Former Co-CEO of the tech-focused private equity group Silver Lake. Hutchins is currently the Chairman of North Island, co-owner of the Boston Celtics, and sits on the board of directors of the Federal Reserve Bank of New York, AT&T, and Digital Currency Group. North Island focuses on private equity transactions in the technology industry and has been investing in the crypto-asset ecosystem for over five years. North Island led a USD750 million PIPE investment into Virtu in 2017 and holds one of the broadest crypto-asset portfolios in the world.
James Hutchins joined Digital Assets Data’s board of directors at the close of the transaction, bringing a background in hedge funds, data science, and technology, as well as strong relationships with leading cryptoasset fund managers. He was previously Head of Research at Coatue Management.
James Hutchins says: “We have been investing in crypto-assets and their surrounding ecosystem for five plus years. We have always believed that one of the key missing pieces of infrastructure was a premier data platform. Data is the heart of any investment process and without an institutional-quality data platform, it is very difficult to allocate significant resources to any asset class. Digital Assets Data has built a full stack, institutional-quality data platform that is capable of serving all types of market participants – from data scientists, to quant funds, hedge funds, banks, venture capital funds, and more. We believe that the combination of full-stack flexibility and high-quality data sets differentiate Digital Assets Data from all other providers. We are incredibly excited to partner with the Digital Assets Data team.”
The company’s first equity round also included investments from leading investment firms, including Ikigai Asset Management, Morgan Creek Digital, Amidst Capital, CMT Digital, Vestigo Ventures, and Digital Currency Group.
Ikigai is a cryptoasset hedge fund with an experienced team and a strong institutional orientation. Ikigai has been an engaged early user of the Digital Assets Data platform.
Travis Kling, Chief Investment Officer, Ikigai, says: "Digital Assets Data is our first venture investment at Ikigai, and a fitting one at that. As a large consumer of crypto data, we have trialed many data service providers, and believe Digital Assets Data is providing a compelling solution to the complicated problem of ingesting clean, granular crypto data in an easily analysable format. Additionally, we want to back top-tier leadership teams, and Digital Assets Data has that in spades."
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