Andalusia raises $48M for its crypto risk management tech

Andalusia Labsa young company offering a risk management infrastructure for digital assetsobtained a valuation à 1 billion dollars as part of a series A.

The American Andalusia Labsformerly known as RiskHarbor, announced on Wednesday that it had closed a $48 million Series A financing round led by Lightspeed Venture Partners.

The startup achieves unicorn status thanks to this deal, which propels its valuation to just shy of $1 billion. Other investors include Mubadala Capital, the Abu Dhabi government fund, as well as several crypto players already backing the company, including Pantera Capital, Framework Ventures and crypto exchange Coinbase.

Andalusia Labs offers a variety of technological solutions aimed at addressing security challenges in the crypto ecosystem. Its Karak layer2 introduces a new type of risk management infrastructure for blockchain, Web3 and financial services, according to a release.

The startup also offers a risk management marketplace for digital assets called Subsea and Watchtower, an institutional-grade crypto security platform.

“Financial institutions and blockchain companies are grappling with the lack of robust risk management technologies to protect their assets. Raouf, Drew and their team are the first to fill this gap by providing a critical risk management infrastructure that not only paves the way for broader institutional adoption, but also enables developers to create new applications that are inherently safe and secure,” said Ravi Mhatre, Partner at Lightspeed Venture Partners.

The funds raised by Andalusia will be used to accelerate product development and international expansion. At the same time, the startup unveiled new offices in Abu Dhabi.

“The opening of their global headquarters in Abu Dhabi will catalyze their global expansion efforts and strategically position the company for unprecedented growth,” commented Shaun Lee, Partner at Mubadala Capital.

Andalusia Labs had already raised $3.5 million by April 2021 in its first year of operation.

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