BitsCrunch raises Rs 5.5 crore seed funding

Chennai: BitsCrunch, a NFT-focused blockchain analytics company, said on Monday it has raised a seed round of $7,50,000 (around 5.5 crore) from investment firms Covalent, Double Peak, GenBlock Capital, Ledger Prime, MEXC Global, and Synaps. bitsCrunch aims to solve issues in the NFT (non-fungible token) space such as forgeries, wash-trading and inefficient asset valuation. Based in India and Germany, the startup has a 20-people team in India across Bengaluru and Chennai. The team in India is working on building analytics insights for NFT marketplaces like Polygon, WazirX and many others and are also building core AI products to safeguard the ecosystem, bitsCrunch said.

The funds will be used for getting the products into production, and for infrastructure to expand to other blockchains in the space to provide NFT collectors and traders with the best analytics capabilities possible. “We believe that blending a proven technology like AI)\ with Blockchain technology can do wonders and make the ecosystem more safer and reliable,” Saravanan Jaichandaran, co-founder, bitsCrunch, said.