UK based reputed cryptocurrency data analytics startup company; Skew has raised a whopping amount of $2 million from the seed funding round which saw backing from giant venture capital firms, including Kleiner Perkins, the Silicon Valley gem.
The announcement concerning the seed funding which came on Wednesday revealed that the round was led by FirstMinute Capital with participation from Seedcamp, Kima Ventures, Kleiner Perkins, and QCP Capital. However, the company refused to reveal the valuation worth.
Skew will employ the funds collected in developing and advancing its flagship derivatives data platform, skewAnalytics. The notable solution promises to render real-time crypto derivatives market with more than 100 charts pointing towards crypto futures and options. Working as an organization with merely 10 employees, Skew is coming out with solutions and projects focused on institutional investors/clients to visualize historical data along with the creation of dashboards.
The recent capital inflow will foster Skew in facilitating its aim to support those investors who are willing to bring a breakthrough in the crypto investment sphere. The data provided by the company will allow both traders and institutions to take strategic investment decisions.
It is of prime importance that market participants are able to rely on high-quality data and information to make their decisions,
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told Emmanuel Goh, CEO, and co-founder of Skew.
Emmanuel Goh showed his trust on its platform by saying that the “uniqueness” of Skew’s data is the lucrative feature which places it a notch higher in comparison to its competitors. He further stated that Skew’s services are for institutions and corporate houses which “are used to receiving analysis on flows and positioning rather than technical analysis.”
In an interaction, Monica Desai who is an investing partner in Kleiner Perkins quoted that
As a former trader I’ve found many of their tools (some forthcoming) to feel the most trading floor-native or Bloomberg-esque and am excited to see how they evolve the product as the crypto derivatives space grows exponentially in the next year.
The efficiency and excellence of the institutions-focused solutions of Skew have resulted in an increase in the client base of the firm. It has also seen a growth of 30% month-over-month in its user base since quarter 3 of 2019 especially in Japan, the U.S, and the U.K. Skew has also integrated with several reputed crypto exchanges by entering licensing agreements.
With the fast-evolving crypto derivatives market, Skew is bound to face stiff competition in the near future. Flipside Crypto, a data analytics firm, recently announced that it had secured $7.1 million in a series seed prime backed by Galaxy Digital Ventures.
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Crypto market data provider firm, Kaiko also raised 5 million Euros in a seed funding round which was led Anthemis Group and Point Nine Capital.
