Dune Analytics becomes a Unicorn following $69.42 million Series B raise

Dune Analytics, a Web3 analytics platform has announced the raise of $69,420,000, making the platform a unicorn with a valuation of 1 billion. 

The Series B round was led by Coatue, with investment from Multicoin Capital and Dragonfly Capital. Funds from the raise will be used to educate, reward, and build a community of 1 million analysts as well as build an API.

Kyle Samani, Managing Partner of Crypto fund Multicoin Capital noted in a press release:

“The vast majority of blockchain data is either on-chain, held behind a subscription, or forced through a specific lens. Dune is the only analytics company that provides open, unfettered access to blockchain data in a composable, remixable way. The future of finance will be open, real-time and community-driven. Dune Analytics understands this at a fundamental level and as a result has become an integral part of the fabric of web3 communities.” 

Dune Analytics Co-founder and CEO, Fredrik Haga, commented on how they intend to enhance data literacy across the crypto marketplace:

“Despite being radically open, web3 data remains largely underutilized. At Dune, we want to make this intelligence readily accessible and reward the analysts working to turn this data into digestible, real-time actionable insights. In legacy finance, only insiders get access to valuable data. Dune supports the next generation of analysts who will neither wear suits nor work for investment banks. Instead, these pioneers will have quirky animals as profile pictures and collaborate openly across the world. Being a Dune Wizard will be both more fun and profitable than being a Wall Street analyst.''

Dune provides on-chain crypto data and state-of-the-art tools that makes utilising public blockchain data accessible to everyone. With The Internet of Things growing at a rapid pace, the future of data transmissions has the possibility to be limitless. By 2025, it is estimated that there will be more than 21 million IoT devices worldwide.

The value of data is limitless, and the merging of digital and physical has enormous potential for real-world application.  The wide application and strong growth prospect of IoT and blockchain is showcased between existing and emerging partnerships in this space.

Dune has plans to grow within this nascent industry, and is planning to scale its current team of around 20 people to about 200. It currently supports data queries for five blockchains: Ethereum, Polygon, Optimism, Binance Smart Chain and xDAI, with further plans to incorporate Layer-1 and Layer-2 smart contract platforms.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.