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- Covalent raised $5 million in a RockTree Capital-led strategic funding round.
- CMCC Global, Moonrock Capital and Double Peak Group provided additional support.
- Covalent said it will use the funds to expand operations in Asia.
The blockchain data infrastructure firm Covalent raised $5 million in strategic funding led by RockTree Capital. Additional investors include CMCC Global, Moonrock Capital and Double Peak Group, according to an official release.
Covalent develops infrastructure to let users access historical blockchain data in the "Ethereum Wayback Machine," akin to the web2 version that stores online webpages. The firm said it will use its financing to expand into Asia and bolster the adoption of long-term data availability in countries such as China and Singapore. In total, Covalent raised over $20 million from token sales.
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