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.
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