A London-based company called Skew recently raised around $2 million in funding for the launch of its new product called skewAnalytics. The company, which is focused on analyzing data from crypto derivatives, announced that the seed round was successful this week.
The round was led by Firstminute Capital and other companies such as Kima Ventures, QCP Capital, Seedcamp and Kleiner Perkins participated as well.
SkewAnalytics is set to provide the users with data from the derivative markets that has over 100 charts for futures, options and other investments. The product is targeted at institutional investors which need a lot of data to make their decisions.
Skew was originally founded in 2018 and it has 10 employees so far. Several of the 10 employee's come from more traditional financial jobs, and understand the finance world well.
The co-founder and CEO of the company, Emmanuel Goh, talked to The Block Crypto and affirmed that the technology provided by the company was very important for market participants. According to him, it is important to be able to rely on data in order to make the right call.
As the derivatives market is starting to grow in importance, the company believes that the demand for this kind of service will grow. So far, the company has attracted a big number of clients. According to the company, the third quarter of 2019 has seen an increase of 30% in the company’s users every month.
This is a crowded market, however. Companies such as Flipside Crypto and Coin Metrics are also in this niche and they offer similar products. The company will really need to offer something more in order to stand out.