Parsec, a crypto-on-chain data analytics platform, announced a new $4 million funding round and a DeFi and NFT analytics product.
Michael Novogratz’s Galaxy Digital led the funding round, which included participation from Uniswap Labs Ventures, Robot Ventures, CMT Digital and others, Parsec said on Wednesday. It was a seed extension funding round that closed earlier this year, Will Sheehan, founder and CEO of Parsec, told The Block. He declined to comment specifically on when the fundraising process began and ended, as well as the round’s structure and valuation.
Parsec’s expansion round comes nearly three years after it raised a small seed round of $1.25 million in January 2021. Sheehan said Parsec has been lean since its founding in 2020 and has raised the new round to continue expanding its offering and user base.
There are currently eight people working at Parsec and Sheehan appears to be hiring some people in the technical role. In terms of new offerings, Parsec today launched a “team” product and opened up its previously invite-only API to the public. Team is a DeFi and NFT analytics product that includes tooling, the full Parsec feature set, API access and account management service. The API allows developers and analysts to integrate Parsec data into their own systems.
What is Parsec?
While several on-chain analytics platforms exist, including Nansen and Glassnode, Sheehan said Parsec’s competitive advantage is its maximally customizable and modular dashboard.
“We have the best data visualizations in the game: we offer users more than 110 customizable components, all in real time,” he said. “Our data is shared through dashboards and visualizations that traders understand and can act on quickly.”
Parsec currently supports eight blockchains on its platform — Ethereum, Arbitrum, Optimism, Base, zkSync, Avalanche, Canto and Mantle — and plans to add five to 10 additional networks in the coming months, Sheehan said. Some of the networks that interest Parsec include Polygon, Scroll, Monad, dYdX and Berachain, Sheehan added.
Leland Lee, an investor on the Galaxy venture team that led the Parsec investment, said in a statement: “Companies like Parsec will play a critical role in bringing more institutions into the chain by providing deep DeFi and NFT data transparency that enables audits and risk management. and advanced trading strategies.”