Chennai and Munich-based blockchain analytics startup BitsCrunch announced it has raised USD 3.6 million in a private investor round led by Animoca Brands, Crypto.com Capital, Coinbase Ventures and Polygon Studios. Founded by Vijay Pravin Maharajan, the company uses AI-based analytical tools to identify the fair pricing of NFTs, determine the authenticity of NFTs and send out wash trading alerts. Other investment companies like Morningstar Ventures, Mapleblock, Shima Capital, Borderless Capital, Bison Funds, GravityX, Thykeblock Ventures, and Spark Digital Capital were also a part of the round.
BitsCrunch stated that it plans to use the funding to expand its team and “make the NFT ecosystem more trustworthy and secure for the community.” The company wants to focus on securing the major blockchains like Solana, Polkadot, Algorand and others.
“BitsCrunch is in a good position to assist investors in making informed investment decisions. It can contribute meaningfully to the safety and security of the emerging open metaverse,” Animoca brands co-founder Yat Siu said in a statement.
BitsCrunch has previously raised USD 750 K in its seed round from Covalent, Double Peak, GenBlock Capital, Ledger Prime, MEXC Global and Synaps.
“We believe that blending a proven technology like artificial intelligence (AI) with blockchain technology can do wonders and make the ecosystem safer and more reliable. We would like to put back the trust among people who still have some concerns over the technology,” said Saravanan Jaichandaran, co-founder and chief data scientist of BitsCrunch.