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Kindrik Partners advises Merkle Science on series A round
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Kindrik Partners is pleased to have advised cryptocurrency analytics platform Merkle Science on its US$24 million series A funding round. The round was co-led by BECO Capital, Darrow Holdings (an affiliate of Susquehanna International Group) and K3 Ventures.
Founded in 2018, Merkle Science develops threat detection, risk mitigation and compliance tools that can detect, investigate, and prevent cryptocurrency-related crime. The rapid adoption of blockchain technology across the financial sector, the escalating impact of hacks and greater regulatory scrutiny have resulted in a massive increase in demand for these tools.
The new investment will help Merkle Science expand in the USA and Europe, as well as fund the research and development of tools for emerging technologies such as NFTs, decentralised finance and cryptocurrency bridge protocols.
Partner Chris Wilson says:
“Despite some recent growing pain, there has been massive growth of the cryptocurrency market in recent years which has resulted in a significant increase in demand for improved security surrounding digital assets. Merkle Science has stepped up to provide multiple solutions in this area and we look forward to seeing how they will use this funding continue to contribute to the cryptocurrency industry.”
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Kindrik Partners advised VC firm Illuminate Financial on its investment in Singapore-based AI-driven data processing and automation company bluesheets. Illuminate led the US$6.5 million series A round. Other returning investors included Insignia Ventures Partners, Antler Elevate, and 1982 Ventures.
Illuminate invests in B2B fintech and enterprise software companies that build solutions for the financial services industry. Backed by global financial institutions such as Citi, JP Morgan, Barclays, Jefferies, Singapore Exchange Group, and BNY Mellon, Illuminate uses its extensive network and industry knowledge to help their portfolio companies achieve their full potential in addition to providing capital.
bluesheets offers AI-driven data processing and workflow automation software that helps businesses digitise and automate their bookkeeping processes. It plans to use the funds to further enhance its AI capabilities and accelerate growth in key APAC markets, including Singapore, Thailand, ANZ, and Hong Kong.
We’re happy to have advised Singapore-based synthetic data company Betterdata on an oversubscribed seed round of $1.65 million, led by Investible.
The company was founded in 2021 by Dr. Uzair Javaid and Kevin Yee and allows clients to share data faster and more securely in compliance with stricter data privacy regulations being introduced around the world. Betterdata uses generative AI to convert real data into synthetic data that looks, feels, and behaves like real datasets. These synthetic datasets retain the structure and correlations of the original data while eliminating the privacy and security concerns that come with holding and sharing sensitive data.
Betterdata plans to use the funding to publicly launch its product, hire more staff as the company scales, and improve its technology stack, with the aim of providing support for single-table, multi-table, and time-series datasets. The company also plans to expand across the Asia-Pacific region over the next two years.
