PYOR Raises $4 Million in Seed Funding to Power Institutional-Grade Insights for Global Digital Assets Industry
New Delhi, May 19, 2023 – PYOR (Power Your Own Research), a pioneer in enabling high-fidelity data and insights for the global digital assets industry, today announced $4 million USD of funding in its seed round. The funding was led by Castle Island Ventures, with additional investment from Hash3, Antler, Future Perfect Venture, Force Ventures, CoinSwitch Ventures, Coinbase Ventures, and prominent angel investor Balaji Srinivasan.
Krishna Hegde, Co-Founder of PYOR, said: “Since launching PYOR last year, we’ve been laser-focused on building the industry standard for digital asset platforms. Unlike other asset classes, digital assets are primarily driven by retail investors, and institutional-grade infrastructure for decision-making has been limited. Despite digital assets having a market capitalization exceeding $1 trillion, there is a significant need for effective data infrastructure to facilitate institutional participation. India has a strong talent base across blockchain, analytics, and technology domains that is helping us deliver high-quality products to global customers. We aim to leverage the capital raised to bolster our mission and drive substantial progress within the global digital assets ecosystem.”
With the capital obtained from this funding round, PYOR will expand its core infrastructure and product platform, specifically by enhancing its interpretation layer for digital assets. The funds will also be allocated towards team expansion in India and hiring for various new positions.
Sean Judge, General Partner at Castle Island Ventures, said: “The PYOR team is building critical auditable infrastructure for the crypto industry. We are thrilled to partner with Krishna, Sarmad, Sharan, and Yadunandan. Their experience ushering in crypto investors at CoinSwitch highlighted the need for standardized, institutional-grade data and analytics to bring in the next wave of crypto investors.”
Founded in August 2022, PYOR aims to provide key insights on digital assets through a tailor-made desktop analytics interface. Their target customer segments include analysts at global asset management companies, hedge funds, investment banks, wealth advisors, crypto entities (exchanges, projects), and venture capital. The founding team, Krishna Hegde, Sarmad Nazki, Sharan Nair, and Yadunandan Batchu, have more than five decades of combined experience within both the digital assets and traditional finance sectors. This collective experience with established global financial services firms such as Barclays, KPMG, EY, and multiple Indian unicorns, as well as building digital asset companies, will provide PYOR with the tools necessary to ensure the mainstream adoption of digital assets.
PYOR has had a busy start to 2023. Currently, in private beta, the company recently introduced its Terminal product, a plug-and-play data terminal that enables institutions to access fundamental blockchain data and create private queries through a customised dashboard tailored to their requirements.