Amboss raises $4M to work on Bitcoin LN

Ambossa startup that builds a data analysis platform for the overlay network Lightning dedicated to Bitcoinhas completed a financing round from 4 million dollars from Stillmark, Draper and others.

The Lightning Newtwork is a P2P payment protocol built as a second layer application on top of Bitcoin. The network aims to address the challenge of scaling the BTC blockchain offering the possibility to make transactions faster and cheaper.

Tuesday, Amboss Technologies announced that it has collected 4 million dollars in a round of financing led by Stillmarka VC that focuses its investments in projects that revolve around the market’s leading cryptocurrency.

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The fundraising also includes the participation of other venture capital firms with Valor Equity PartnersDraper Associates, Fulgur Ventures and Ride Wave Ventures.

Specialized therefore in the Lightning Newtwork, Amboss offers a data analytics platform that enables users to make the most of the Layer 2 network. The startup plans to use the funding to addartificial intelligence to its solutions, which already leverage machine learning.

Payment reliability is critically important for businesses and institutions that are considering, currently using, or actively preparing to integrate with the Lightning Network in 2023. Amboss offers advanced products that provide a simpler Lightning experience,” commented Alyse Killeen, managing partner at Stillmark.

According to a press release, more than 30% of the nodes of the network are now registered on AmbossSome of which are hosted by industry figures such as exchange platform Kraken and fintech subsidiary TBD Block.

Last year, Stone Ridge, the parent company of NYDIG, announced the launch of a gas pedal for startups working around the Lightning Network.

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