Blockchain Monitoring Startup Merkle Science Raises Over US$800K in Seed Funding

Asia Blockchain Review
May 29, 2019

Merkle Science, a blockchain fraud detection startup based in Singapore, has raised about S$1.1 million (US$804,000) in a seed funding round to develop its technology and expand its sales team throughout Asia.

As reported by Tech in Asia, Merkle Science’s tool analyzes blockchain data for companies and law enforcement agencies to detect illegal use of cryptocurrencies.

LuneX Ventures, the blockchain-focused arm of venture capital firm Golden Gate Ventures, led the funding round together with government-owned SGInnovate.

Crypto trading companies Digital Currency Group and Kenetic Capital, along with startup accelerator Entrepreneur First, also participated in the seed round.

According to e27, The round is the first lead investment concluded by LuneX since its appointment to SGInnovate’s panel of co-investors under the Startup SG Equity scheme.

Mriganka Pattnaik, co-founder and CEO of Merkle Science, said in a press statement that the co-investment by LuneX and SGInnovate would be synergistic to the startup’s growth and development as it looks to build itself as a global brand from Singapore.

As one of the first players to apply fraud sciences in analyzing blockchain data, Merkle Science combines both off-chain and on-chain information with the aim of providing improved analyses.

To that end, the company also draws from its co-founders combined experience from Naspers-backed crypto exchange Luno, Paypal, Bank of America, and Instamojo.

LuneX’s collaboration with SGInnovate was announced in late April with the aim of investing in early stage deep tech startups.

According to a recent report by Startup Genome, deep tech has become the fastest growing category in the global startup industry.


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Blockchain: Fine-tuning the Music Industry
Music might be in need of another tech disruption in the form of blockchain.

July 17, 2019

Graph Blockchain Secures Contract with South Korean Transport Ministry
The pilot project is for storing traffic data on a blockchain network as part of the Smart City nati...

July 13, 2019

Hong Kong, a Great Place for Blockchain Startups
It is quite evident that Hong Kong is quite rapidly developing to be a blockchain hub in the region ...

July 12, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us