TEL AVIV–(BUSINESS WIRE)–Very, which built the first financial data lake for Web3 companies, today announced it has raised $7.6 million in a funding round led by boldstart ventures, with participation from F2; Mantis in partnership with The Chainsmokers; New shape; kenetic; Blockdaemon Ventures and Alchemy. Providing a source of truth for crypto financial data, Tres’ next-level data coverage and integrity enables Web3 businesses to monitor, manage, and automate their Web3 finances.
Notable angels also participating in the round are Michael Shaulov, CEO, Fireblocks; Michael Gronager, CEO, Chainalysis; Jesus Rodriguez, CEO, IntotheBlock; Itay Malinger, CEO, Curv; Konstantin Richter, CEO, Blockdaemon and others.
Tres has Web3 clients in the United States, Israel, and Europe, including Hivemind, Stakely, and Blockdaemon, and has monitored, analyzed, and reconciled over $40 billion in crypto assets.
Tal Zackon, co-founder and CEO, said, “Web3 companies are struggling to manage the exponential growth and complexity of financial data on digital assets. Tres’ financial platform provides an unparalleled level of visibility, monitoring, alerting and automation to web3 finance teams and seamlessly translates large volumes of raw blockchain data into actionable insights. We are thrilled to have the support of top industry VCs and highly regarded crypto giants as we grow our platform.
A source of truth for digital assets
The Global Crypto Market Cap is $1.06 trillion as of August 1, 2022. Approximately $112 billion is traded in cryptocurrencies daily, and there are over 6,000 different types of cryptocurrencies. The global blockchain market is expected to reach $23.3 billion by 2023.
As a result, there is a massive volume of crypto wallets, accounts, platforms, and products available today.
Tres enables the collection and aggregation of digital asset data across disparate wallets, accounts and platforms, reducing the workload of manual spreadsheets by 80% – a process prone to human error. Data is organized and enriched and allows finance teams to work with it in the same way they deal with fiduciary data, making the user experience seamless and familiar.
Streamlines financial operations
Finance teams have access to accurate, real-time data for use in a wide range of applications – dramatically streamlining finance operations – including accounting, reconciliation, ERP integrations, risk analytics, dashboards Enterprise-grade DeFi, reporting, financial stress testing, and cash management
10 times more volume and full data integrity
Significantly, Tres’ data engine can process tens of millions of transactions monthly from on-chain and off-chain sources, 10 times more than any current tool, while maintaining complete data integrity.
Tres is also giving back to the developer community with its open source chrome extension which allows users to view data in any dApp wallet without having the private key. All data is available on the blockchain; the Tres extension simply allows for a faster workaround.
“Tres’ vision is to support the Web3 economy by unifying the myriad of financial data into a central, curated, crypto-native platform that finance teams can work with seamlessly from day one,” said Ed. Sim, founder of boldstart ventures. “Companies like Tres that are preparing the world for Web3 have endless use cases and it’s a pleasure to work with Tal Zackon, Elion Lotem and their team.”
“Web3 promises to be a complex ecosystem of digital assets and the need for a lake of financial data like that provided by Tres is going to be absolutely essential for any business that needs to effectively monitor, analyze and report. We believe Tres will be a game changer for Web3,” said Enzo Coglitore, Partner, Alchemy Ventures.
Tres offers the first enterprise-grade financial data lake for Web3 companies looking to quickly automate a source of truth on large volumes of blockchain data. Tres’ next-level data coverage and integrity enables finance teams to monitor, manage and automate their Web3 finances. Its data engine can process tens of millions of transactions per month, 10 times more than any other existing tool.
Tel Aviv-based Tres is backed by some of the biggest names in crypto, including boldstart ventures, F2, Mantis, New Form, Kenetic, Blockdaemon Ventures, and Alchemy, as well as notable angels in the crypto ecosystem.