Merkle Science, a blockchain monitoring and investigation platform, has closed a $5.75 million Series A investment round led by Darrow Holdings. Kraken Ventures, Bain-backed Uncorrelated Ventures, Fenbushi Capital, Token Bay Capital, Kenetic, and Lunex Ventures are among the other investors in the round.
The Singapore-based firm’s fundraising announcement occurred immediately after its recent entrance into the US market, and it was founded by Bengalaru-based founders Nirmal Aryath Koroth and Mriganka Pattnaik.
Merkle Science Co-founder and Chief Executive Officer, Mriganka Pattnaik, said, “It gives us great confidence that they [our investors] are in line with our vision to build the infrastructure necessary to ensure the safe and healthy growth of the crypto industry — starting with understanding the risks associated with cryptocurrency transactions. Globally, we have seen strong demand — especially from financial institutions and law enforcement agencies — as crypto-related illicit activity and regulations have taken center stage.”
Brandon Gath, Managing Partner at Kraken Ventures, added: “We are excited by the advanced predictive analytics that Merkel Science brings to monitoring and vetting blockchain transactions. We believe they offer a superior set of products in a market that will see tremendous growth in demand from businesses, financial institutions, and government bodies looking to strengthen their risk management and compliance capabilities.“