Crypto alerts are buzzing about Metrika, a startup based in the United States that provides operational monitoring tools for blockchain networks, that has raised $14 million in a Series A funding round.
Neotribe Ventures led the round, with participation from Coinbase Ventures, Samsung NEXT, Nyca Partners, and SCB 10X, among others. This was an equity round, and as part of the deal, Swaroop “Kittu” Kolluri of Neotribe Ventures joined Metrika’s board, according to Metrika CEO Nikos Andrikogiannopoulos.
Metrika intends to use the new funds to expand the platform’s capacity and broaden its customer base across industries. “We are allocating the funding to continue developing our first-of-its-kind operational intelligence platform for blockchains, as well as to integrate our solutions into a broader range of blockchain-based applications,” Andrikogiannopoulos said. “We also intend to expand our marketing efforts to encourage platform adoption and expand our reach further into the crypto ecosystem.”
Algorand, Solana, ConsenSys, Dapper Labs (creator of NBA Top Shot), Hedera Hashgraph, and Blockdaemon are among Metrika’s current clients. The firm essentially assists these clients in keeping their blockchain networks operational by providing dashboards, reports, and “real-time” alerts. According to Andrikogiannopoulos, the company’s business model is subscription-based.
The funding announcement comes just one week after Solana suffered a major outage that lasted more than 17 hours. When asked why Metrika did not assist in preventing the outage, Andrikogiannopoulos stated that Solana is one of the firm’s newest clients. “Over the past month, we’ve been putting together our platform on the Solana network, which, when fully operational, will vastly improve the level of operational insight on the Solana network and help prevent future outages.”
Metrika currently employs 16 people, and the company is looking to hire in a variety of areas, including software development, analytics, product management, sales, and marketing, according to Andrikogiannopoulos.
Metrika’s total funding to date is $17.7 million, thanks to the Series A round. Previously, the company raised $3.7 million in a seed round.