Ethereum data analytics startup Covalent raises $3.1 million

Covalent, a Vancouver-based data analytics startup focused on Ethereum, has raised $3.1 million in a new funding round.

Revealing the news exclusively to The Block on Wednesday, Covalent said the round was co-led by Woodstock Fund, 1kx Capital, and Mechanism Capital. Other participating investors in the “oversubscribed” round included CoinGecko and Alameda Research, among others.

Covalent currently provides on-chain data and analytics for the Ethereum network. With the fresh funding in place, the startup plans to support Ethereum sidechains and other layer-1 blockchains that are currently live, CEO Ganesh Swami told The Block.

“With the summer’s DeFi yield farming craze, Covalent has seen exponential growth in the number of API calls it serves every day to customers,” said Swami. “The API allows easy access to data that is normalized, unified, and granular.”

Looking ahead in the future, the 12-person Covalent team also looks to expand beyond crypto and cover “all data locked up in private databases,” said Swami.

Other analytics firms have attracted venture support in recent days.

Last month, the Ethereum-centric analytics platform Dune Analytics raised $2 million. The round was led by Dragonfly Capital, with participation from Coinbase Ventures, CoinGecko and others.

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