Gauntlet Network, a financial modelling platform, has hit a $1bn valuation after the close of its Series B round on $23.8m.
The deal was led by Ribbit Captial.
Gauntlet claims to have experienced a 20-times revenue growth in the past year. It also stated that $38bn in assets are now reliant on Gauntlet’s financial modelling framework.
Following the close of the round, the company expects to expand its team with additional developers, engineers and simulation data scientists. It also plans to optimise its platform by researching new primitives in DeFi to better assist protocols as they grow and scale.
Its financial modelling platform leverages techniques derived from the algorithmic trading industry to inform on-chain protocol management. Its platform takes from and improves upon many of the risk assessment frameworks found in traditional finance, creating a quantitative, dynamic approach to risk management for blockchain protocols.
Ribbit Capital general partner Nick Shalek said, “As the decentralized finance ecosystem develops and grows in complexity, the importance of strong risk management infrastructure becomes even more apparent.
“Gauntlet’s expertise in risk management and capital optimization will ensure that the company continues to play a key role in facilitating broader adoption of DeFi — ultimately driving institutional capital inflows towards protocols that adopt Gauntlet’s risk frameworks and products. The Ribbit team is excited to partner with Gauntlet on its journey to make DeFi the most efficient global financial system.”
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