Andalusia Labs Raises $48 Million to Boost Digital Asset Risk Infrastructure
In Brief
Andalusia Labs raised $48 million in Series A to bolster digital asset support for its institutions, developers and consumers.
Digital asset risk infrastructure startup Andalusia Labs, formerly known as RiskHarbor, completed a $48 million Series A round of financing, led by Lightspeed Venture Partners led the funding, with participation from investors including Mubadala Capital, Pantera Capital, Framework Ventures, Bain Capital Ventures and Digital Money Group, among others.
The company plans to provide digital asset support to institutions, developers and consumers within their respective domains.
Andalusia Labs said it will direct the funds towards advancing product development and expanding its team. The new investment has brought the startup’s valuation to surpass the $1 billion mark.
The startup has three major digital asset technology solutions, including the Layer 2 blockchain Karak, the crypto risk management marketplace Subsea, and the security-centric institutional platform Watchtower.
Both Subsea and Watchtower are built on the Karak blockchain, which recently initiated its public testnet, with the mainnet launch anticipated in the near future. Subsea has secured over $1 billion in cryptocurrency and established more than 100 integrations with various blockchains and financial applications.
Simultaneously with this funding announcement, Andalusia Labs revealed the opening of its global headquarters in Abu Dhabi. With this latest funding round, the company has raised a total of approximately $51 million to date.
Financial Institutions Embrace Digital Asset Protection
The digital asset landscape is undergoing rapid evolution, instilling confidence in financial institutions regarding its transformative potential in the future, driven by the substantial growth of the cryptocurrency market.
Earlier this year, another digital asset protection company raised $30 million in funding, led by Foundation Capital to protect individuals and their digital assets from hacks or human errors. The platform provides Disaster Recovery and Theft Protection, aiming to assist anyone involved with digital assets in preventing theft and loss.
With newly obtained funding, Andalusia Labs is set to revolutionize digital asset support while the financial landscape embraces digital asset protection amid rapid industry evolution.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
