American-based Metrika, a startup with Greek DNA, which offers operational intelligence monitoring to ensure blockchain networks are reliable, has announced a new investment of almost €12M. The Series A round was led by Neotribe Venture, a VC founded by Silicon Valley veterans, along with Coinbase Ventures, Samsung NEXT, and Nyca Partners. This news comes a year after they received a seed round of €3.1M investment.
Metrika is working on empowering blockchain ecosystems with the tools they need to perform and grow. Through detailed networking, monitoring, and analytics they aim to provide trust in blockchain operations. This type of solution has been enabled by the global trend of using blockchain in symbiosis with other emerging technologies.
The investment will be used to keep developing the company’s platform for integration with a wide variety of applications and to increase its marketing efforts to reach other industries. To do this, the startup plans to open job positions for software development, analytics, product management, sales, and marketing.
Metrika was founded in 2019 by Nikos Andrikogiannopoulos as CEO, and Christopher Fergus because they believe blockchain will transform societies. Before, the founders worked for over four years as consultants and analysts at Cartesian, a consulting company focused on telecommunications. Metrika has a team of over 19 members from the US and Europe and it has investors and mentors from the MIT community.
In terms of business model, Metrika is based on subscriptions. The B2B clients operate their blockchain networks via dashboards, aided by reports and alerts identifying anomalies that need action. They also receive recommendations for improvements.
Former monitoring tools were not designed to cope with decentralized networks and it came with risks for stakeholders looking to complete operational transparency and insurability. Metrika helps players improve performance and risk management because even one failed transaction can lose faith in the network and raise costs.
“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 of Metrika, quoted in the press release.
Amongst their clients there is Algorand, a contract platform; Hedera Hashgraph, a decentralized governance blockchain; Dapper, a digital collectibles platform, and the blockchain Solana.