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Chennai and Germany-based bitsCrunch, an emerging NFT focussed blockchain analytics startup, has raised a seed round of Rs 5.5 crore ($750,000) from Covalent, Double Peak, GenBlock Capital, Ledger Prime, MEXC Global, and Synaps.

“As the NFT ecosystem rapidly grows, we find bitsCrunch’s AI products to be essential that will further safeguard and enhance the experience of everyday users navigating the space. The team has made excellent progress in recent months. Most notably, an important partnership with ecosystem giants Rarible and Polygon, and the completion of NFTMarketcap, which will prove to be an invaluable tool for marketplace analysis,” said Bilal, Founder, GenBlock Capital.

“We are excited to see the future unravel for bitsCrunch and are confident their products will become a core component of the NFT ecosystem,” Bilal added.

The funds raised will be used for getting the products into production, and for the infrastructure to expand to other blockchains in the space to provide NFT collectors and traders with the best analytics capabilities possible.

“We believe that blending a proven technology like Artificial Intelligence (AI) with blockchain technology can do wonders and make the ecosystem more safer and reliable. We would like to put back the trust among people who still have some concerns about the technology,” said Saravanan Jaichandaran, Co-founder and Chief Data Scientist, bitsCrunch.

Headquartered in Germany, a majority of the startup’s team is in India, and it claims to have seen more than 8x growth in global user base over the last year.

bitsCrunch said it aims to safeguard the NFT ecosystem. bitsCrunch’s mission is to create impactful insights from intricate data sources by harnessing predictive analytical systems, which are empowering organisations with actionable intelligence.