The company announced Tuesday that the Series A investment will be used to flesh out its engineering team, as well as continue working to index 95 percent of all data pertaining to how crypto assets are traded.
Led by Arthur Ventures, the round also saw CoVenture Crypto, Digital Currency Group, BitGo co-founder Ben Davenport, CityBlock Capital, King Capital, Polymath and TokenSoft participating.
Nomics CEO and co-founder Clay Collins told CoinDesk that, at present, almost every employee at the startup works on development full-time. That reflects the immense amount of data Nomics is trying to index, he said, explaining:
“While it’s a fairly trivial task to price (and have listings for) 95 [percent] of all cryptoassets, getting raw ticks/trades, all on-chain data, and orderbook data (including historical order book) for these assets can prove to be quite an engineering challenge.”
Exacerbating the challenge is the fact that the team is looking to provide “gapless data,” which normalizes the information to account for different time zones, ticker symbols, offline market protocols and other data variations, Collins said.
Users can access the data using the Nomics API, which provides both historical and real-time financial data on different tokenized assets. This data can include price quotes and trading indicators, and seeks to unite the data from different exchanges.
There will be “millions of new pages available” after the information is indexed, according to Collins.
“With regards to the API/data product for businesses and institutions, it will look like more API endpoints, more data behind existing endpoints, lower latency, improved documentation, as well as more aggregate data/indicators (like quote currency dominance and future supply simulation),” he said.
The service will also provide the ability to analyze or follow individual orders, too. The aim is ultimately that hedge funds and other investors should be able to utilize this data in developing trading algorithms and tracking market fluctuations.
Nomics has already indexed more than 3.5 billion data points, and sees roughly 35 million API calls each month, according to provided figures.