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Covalent Raises $5 Million in Round Led by RockTree Capital, Unveils 'Complete Rebrand'
Sead Fadilpašić
Last updated:
June 26, 2024, 10:54 EDT | 2 min read
According to the press release shared with Cryptonews, RockTree Capital led the round, with participation from major Asian investors, including CMCC Global, Moonrock Capital, and Double Peak Group.
Covalent has also unveiled the New Dawn Initiative. They describe it as “a complete rebrand” that will bring the project closer to its crypto-native community and “farther from corporate influences.”
Expanding Through Asia
The Covalent team said that they would use the funds to expand Covalent’s operations to Asia.
Furthermore, it will be utilized to support the adoption of Long-Term Data Availability in China, Korea, and Singapore.
Co-founder Ganesh Swami commented that Asia is an emerging crypto hub, showing “immense potential to become the leader of the next bull run.”
“With the Ethereum Wayback Machine [EWM] as a gateway to permanent data, we are excited to bring Long-Term Data Availability to Asian countries to boost local adoption and innovations,” he remarked.
The team wants to make blockchain data more accessible and scalable, saying that this will enable them to provide “the most robust data infrastructure to cultivate blockchain and AI innovations in Asia.”
Therefore, Asian developers and users can now utilize Covalent’s EWM and broad dataset to innovate and scale, the announcement stated.
Responding to the need for permanent and verifiable blockchain data, it said, the team created the EWM, maintaining the security and integrity of all Ethereum data.
Covalent claims to currently possess “the largest structured data pool in Web3,” having been integrated with over 225 blockchains and 240 million wallets. This “fuels the advancement of Decentralized AI.”
Furthermore, thanks to it providing reliable data, the EWM accelerates the training and inference of AI models.
‘Relentless in Driving the AI-Web3 Convergence’
Meanwhile, Covalent says that it offers to its users a range of real-world use cases. These include automated trading for DeFi and scaling GameFi projects for mass adoption.
The team argued that “whether building decentralized Ethereum applications or unbiased AI models, the unique ability to easily access historical blockchain data opens up the door to new possibilities and promotes true decentralization.”
Omer Ozden, CEO of RockTree Capital, described the Covalent team as “relentless in driving the convergence of AI and Web3.”
They work to deliver the largest data set infrastructure in crypto, he said. “As this convergence explodes, so does Covalent’s use-case.”
Covalent’s Swami added that the company’s mission is democratizing access to all blockchain data.
He noted that this latest move is only the beginning of The New Dawn – a series of Covalent upgrades “to strengthen our commitment to Data Availability and Decentralized AI.”
Meanwhile, the move follows the mid-June announcement that former BitMEX CEO Arthur Hayes joining Covalent as a strategic advisor.
Also in June, Covalent committed $2.5 million in grants through the Consensys Builders Scale Program.
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