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Digital asset risk base - focusedAndalusia Labs , formerly known as RiskHarbor , has raise $ 48 million in a Series A round at a valuation “ north of $ 1 billion , ” the company solely partake with TechCrunch .
Lightspeed Venture Partners led the bout ; other investor include Mubadala Capital as well as existing participant like Pantera Capital , Framework Ventures , Bain Capital Ventures and Digital Currency Group , among others .
Alongside the fresh working capital rise , Andalusia Labs opened its global headquarters in Abu Dhabi . The $ 48 million will also be used to grow its product developing and dilate the team , said Raouf Ben - Har , co - laminitis of Andalusia Labs . To engagement , the company has raised a aggregate of about $ 51 million .
The startup has three major digital asset technology solutions , a layer-2 blockchain call Karak , a crypto risk management marketplace called Subsea and a security - centric institutional platform call Watchtower . All aim to provide digital plus reinforcement to foundation , developers and consumers through their various niches .
Both Subsea and Watchtower were built on the Karak blockchain , Ben - Har said . Karak just launched its public testnet with mainnet launching look for soon .
“ In blockchain and web3 — where surety menace are prevalent — robust risk infrastructure becomes indispensable , ” Ben - Har said . “ Risk infrastructure provides the essential gumption . ”
Subsea has secured over $ 1 billion in crypto and built more than 100 integration with different blockchains and financial applications , the companionship share in a release . And as for its primary clientele ? “ Developers , developers , developer , ” said co - father Drew Patel .
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The inauguration initially start as a product that suffice both consumers and initiation , but an “ overwhelming requirement ” from companies wanting to integrate Andalusia Labs ’ ware “ outpaced our squad ’s capacity by 100x , ” Patel say . “ So although we still provide solutions for institutions and consumers , we are focused on originative developer who are building the next generation of blockchain applications . ”
Andalusia Labs see risk management as the “ bedrock of financial stability , ” specially in a space like digital assets , where hacks and threats are “ omnipresent , ” Patel said . “ It play as a shield against potential fiscal losses , safe-conduct against fraud and ensures compliance with a active peril landscape . ”
“ Ensuring the security and resilience of digital assets is critical in a dynamic industry , ” Patel tell . give that the crypto manufacture has market volatility , evolving ordinance and is complex , it requires a “ advanced and nuanced approach ” for risk of exposure direction , he added .
As it stands , the company is focalize on building out the infrastructure it has and plan to extend its merchandise offerings to protect “ fresh risks and other esoteric real - world applications programme ” in the futurity , Patel said . “ We are builder at pump , so we are always tinkering with moonshot ideas . ”
