Vancouver — Covalent, a pioneer in blockchain data infrastructure, has successfully concluded a $5 million strategic funding round led by RockTree Capital, with contributions from key Asian investors including CMCC Global, Moonrock Capital, and Double Peak Group.
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This funding will propel Covalent’s expansion into Asia, focusing on promoting Long-Term Data Availability across regions such as China, Korea, and Singapore. Central to their strategy is the enhancement of the Ethereum Wayback Machine (EWM), designed to provide permanent and verifiable blockchain data. By bolstering accessibility and scalability of blockchain data, Covalent aims to fortify its role in supporting blockchain and AI innovations throughout Asia.
“Asia is poised to lead the next wave of crypto innovation, and with our Ethereum Wayback Machine, we aim to empower local developers and users with secure, accessible data infrastructure. The New Dawn Initiative marks a significant step towards reinforcing our commitment to decentralized data access and advancing AI capabilities across the region.”
Ganesh Swami, Co-Founder of Covalent
Covalent’s Ethereum Wayback Machine currently integrates with over 225 blockchains and boasts a data repository covering 240 million wallets, making it the largest structured data pool in Web3. This infrastructure not only supports decentralized AI advancements but also enhances security and integrity in blockchain transactions. By facilitating secure data access, Covalent accelerates AI model training and inference while minimizing vulnerabilities.
“With strong regional backing, Covalent is positioned to empower Asian developers with robust data infrastructure,” noted Omer Ozden, CEO of RockTree Capital. “This strategic alignment underscores Covalent’s pivotal role in driving the convergence of AI and blockchain technologies.”
The initiative follows Covalent’s recent appointment of former BitMEX CEO Arthur Hayes as a strategic advisor, signaling their commitment to expanding Long-Term Data Availability and Ethereum Wayback Machine capabilities in the realm of Decentralized AI.
For further details, visit Covalent’s official website.
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About Covalent
Covalent specializes in modular data infrastructure aimed at resolving critical challenges in blockchain and AI, including decentralized AI inference, verifiability, and Long-Term Data Availability. Their extensive data repository supports over 3,000 organizations across AI, DeFi, GameFi, and more, facilitating unfettered access to on-chain data from a multitude of blockchains.
