CAMBRIDGE, Mass., Sept. 21, 2021 /PRNewswire/ — Metrika, the industry’s leading operational intelligence source for blockchain, today announced a $14M Series A funding round led by Neotribe Ventures. Other institutional investors include Coinbase Ventures, Samsung NEXT, Nyca Partners and SCB 10X, with additional funding from all previous investors, among others. This latest round brings a total of $17.7M in funding to Metrika, including its previous $3.7M seed round. The funds will be leveraged to expand the company’s platform and broaden its customer base across numerous industries.
Metrika customers, which include Algorand, Solana, Dapper Labs (creators of NBA Top Shot), Hedera Hashgraph and Blockdaemon, can track metrics and operations via dashboards, reports and real-time alerts. The result is fast detection of degradations in blockchain network health, management and compliance of operational risk, and intelligent operation interaction.
"As distributed ledgers grow in popularity, operational performance management tools will serve as the critical infrastructure required to support this expanding network," said Swaroop "Kittu" Kolluri, founder and managing partner at Neotribe Ventures. "Metrika’s elegant architecture fills a critical void in the development, growth and integration of blockchain; we’re pleased to support the team in this pursuit."
"Every single business that employs blockchain technology in any application needs to understand the operational risks they are taking in using a distributed application, but the tools to do this didn’t exist until Metrika created it," said Hans Morris, Managing Partner, Nyca Partners. "Just like you would never employ a network solution that constantly failed or had security risks for your customers, companies will need to do the same analysis for a distributed network. But how, in fact would you do that? That’s what Metrika figured out.
The multi-owner, decentralized nature of blockchain technology limits the ability to provide a singular overview of network health and operational status. Traditional monitoring tools are not designed to cope with the design of decentralized networks, presenting a critical issue for stakeholders that require complete operational transparency and insurability.
To solve this, Metrika offers blockchain networks (or any company running blockchain applications) the monitoring, analytics and actionable intelligence that provides a comprehensive view for all participants. Metrika’s operational intelligence service collects and analyzes data on the health of blockchain networks, helping to improve latency, performance and reliability while managing potential security issues, all with the focus on providing trust.
"Blockchain technology is having a transformational impact on the world as part of the services we rely on daily, including those from financial institutions, supply chains and our healthcare systems," said Nikos Andrikogiannopoulos, CEO, Metrika. "But the cost of downtime can be catastrophic, and even one failed transaction can erode trust in an entire network. With this new round of funding from our esteemed partners, Metrika is another step closer to delivering on our promise to de-risk blockchain networks for the benefit of all."
Started in Cambridge, MA in 2019 by founders, investors and mentors in the MIT community, the Metrika team brings deep experience in networking, monitoring and analytics to blockchain. The company is dedicated to empowering blockchain ecosystems with tools to ensure blockchain networks are performant and reliable, ultimately contributing to their mainstream adoption in finance, enterprise and applications worldwide. For additional information, please visit https://www.metrika.co/.