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.”