Cloudburst Technologies announced the successful completion of a Series A funding round, securing $7 million to further develop their specialized platform. The platform focuses on providing crypto intelligence derived from sources beyond the blockchain itself.
Unlike many blockchain analysis firms that primarily examine on-chain transactions, Cloudburst, headquartered in New York, specializes in analyzing information from diverse off-chain data sources. These sources include online discussion forums, regulatory documents, and other areas, allowing them to detect and monitor potential fraud, malicious actors, scams, and overall market sentiment.
This funding round, which brings Cloudburst’s total funding to $11 million since its inception in 2022, was spearheaded by Borderless Capital. Strategic Cyber Ventures, CoinFund, Coinbase Ventures, Bloccelerate VC, and In-Q-Tel also participated in the round, as revealed in a public statement issued Tuesday.
Cloudburst asserts that its technology is designed to offer real-time insights and predictive analytics to key players in the crypto space. This includes regulatory bodies, law enforcement, cryptocurrency exchanges, investors, and other relevant market participants.
According to CEO Evan Kohlmann, the company’s objective is to equip institutions with a comprehensive understanding of the risks and narratives that shape the digital asset landscape, extending beyond the information available solely on the blockchain.
Cloudburst’s innovative platform processes massive amounts of off-chain data, pulling information from platforms like Telegram groups, specialized online forums, official regulatory filings, and news outlets. The platform then employs advanced, proprietary AI models to identify emerging threats and detect relevant patterns.
The newly acquired funding will be used to expand Cloudburst’s artificial intelligence and data science teams, accelerate the development of their core product, and broaden their market penetration among financial institutions, regulatory agencies, and businesses operating within the cryptocurrency sector.
Cloudburst is currently collaborating with leading cryptocurrency exchanges, compliance divisions, and governmental organizations. The company aims to expand its platform’s reach globally and solidify its position as an industry leader in off-chain crypto intelligence solutions.