Dune Analytics Raises $70M to Make Blockchain Data More Accessible

The popular crypto and blockchain analytics firm made the announcement on Feb. 2, stating that it had raised $69,420,000 in a Series B round led by Coatue.

The company declared that it has “reached unicorn status at only 16 employees,” and will use the funding to build tools and educational resources to interpret the data it provides.

Technology-focused investment management firm Coatue spearheaded the effort which follows an $8 million funding round for the firm in August.

Demand For Data

Dune Analytics offers free blockchain data and allows users to create specific data sets and charts for various on-chain metrics. It stated that while there is a lot of information available, it is often obscured unless analysts can interpret it and convert it into more easily comprehendible material.

“With this financing we’re doubling down on our mission to make crypto data accessible and are committed to bringing a million Dune Wizards to Web3.”

Dune plans to “invest heavily in educational resources” so that anyone can learn to analyze blockchain data even if they do not have a technical background.

It will also develop a toolkit so that those creating data sets, who Dune calls “Wizards”, will get rewarded accordingly. The company added that “we’re convinced that many Dune Wizards will earn more than Wall Street analysts have done previously.”

Dune also plans to revamp and upgrade its query engine speeding up execution time and adding more blockchain networks to the platform. It also plans to launch a highly requested API (application programming interface) which allows developers to integrate the data into their own apps and platforms.

“This massive new product will change the crypto data stack forever, creating a living, breathing and performant community-driven API to enable boundary-less research, building, tinkering, trading and beyond.”

Big Funding For Blockchain Data

Dune is one of several companies providing in-depth analysis and information on blockchain networks.

In August last year, crypto analytics and market intelligence firm Messari announced that it had raised $21 million in a Series A financing round led by Point72 ventures.

Coin Metrics announced a $15 million Series B financing round that was led by Goldman Sachs in May while DappRadar raised $5 million in the same month. Additionally, crypto data firm Nansen raised $10 million from investors in June highlighting the increasing demand for industry data and analysis.