Cloudburst Technologies has successfully completed a $7 million Series A funding round aimed at enhancing its innovative platform for off-chain crypto intelligence. Based in New York, the company distinguishes itself from typical blockchain analytics firms by focusing on off-chain data rather than on-chain transactions.
The latest funding boosts Cloudburst’s total capital raised to $11 million since its inception in 2022. This financing round was spearheaded by Borderless Capital, with additional contributions from notable investors, including Strategic Cyber Ventures, CoinFund, Coinbase Ventures, Bloccelerate VC, and In-Q-Tel, as stated in a company announcement on Tuesday.
Cloudburst’s platform is uniquely designed to analyze a variety of non-blockchain data sources. These include online chatrooms, regulatory documents, and news outlets, enabling the company to identify fraud networks, malicious actors, scams, and shifts in social sentiment. By doing so, it provides crucial insights for a diverse range of stakeholders in the crypto ecosystem, including regulators, law enforcement, exchanges, and investors.
CEO Evan Kohlmann emphasized the critical need for institutions to gain visibility into the narratives and risks that influence the digital asset landscape, extending beyond traditional blockchain tracking. He noted that Cloudburst aims to empower its clients with real-time intelligence and predictive data to navigate the complex world of cryptocurrencies.
The platform processes millions of data points, drawing information from platforms like Telegram and specialized forums, along with official regulatory filings. Utilizing proprietary artificial intelligence models, Cloudburst seeks to detect emerging threats and discern patterns that could impact the market.
With the influx of new capital, Cloudburst plans to enhance its teams in artificial intelligence and data science, accelerate the development of its products, and expand its outreach to more financial institutions, regulatory bodies, and crypto-focused organizations. The company has already established collaborative relationships with prominent crypto exchanges, compliance teams, and government institutions.
As Cloudburst sets its sights on a global footprint, its ambition is to become a leading provider of off-chain crypto intelligence. By positioning itself at the intersection of technology and regulatory compliance, Cloudburst Technologies aims to set a benchmark in the realm of cryptocurrency analytics, filling a vital gap in how data is sourced and utilized to combat illicit activities and bolster market integrity.
