Satschel, Two Sigma Ventures and Relics Announces Successful Venture Rounds
Several projects have continued announcing their recent funding rounds. The top projects include Satschel, Two Sigma Ventures and Relics. Grayscale Investment Funds files for rights over ETH PoW tokens.
Satschel Raises $5.2 Million in Funding Round
Satschel recently announced the completion of a funding round where they raised $5.2 million. Satchel is a compliance company powered by web3 tech. This funding round was led by Brand Foundry Ventures, an early-stage venture firm.
The platform was created to help financial services companies remain compliant with regulations. Brand Foundry Ventures founder, Andrew Mitchell, said;
“Compliance burdens and costs have ballooned since the financial crisis, and the development of a crypto ecosystem has accelerated the imperative to improve speed and accuracy in KYC [know your customer] and AML [anti-money laundering]. We are excited about Satschel and look forward to seeing their innovative service deliver immediate value by eliminating pain points for Assure SPV customers and their investors. The partnership represents a major step forward in the accessibility and quality of private market transactions.”
This seed round comes a few days after the network announced a partnership with Assure. Co-founder and president of Satschel, Eric Choi, recently said;
“With Assure, we are demonstrating web3’s potential to enhance value and experience, even for off-chain businesses, and bringing those benefits to what has traditionally been a very opaque market.”
Two Sigma Ventures Raises $400 Million
Two Sigma Ventures announced a $400 million venture raised in two recently closed venture funds. According to their release, Two Sigma Ventures plans to use the funds on other companies which leverage data technology for social advancements. Reports show that 88% of funds were from external investors, pension funds, and non-profit foundations.
A Partner at Two Sigma Venture, Coline Beirne, recently said;
“We started Two Sigma Ventures a decade ago with the belief that, as the world becomes more information-rich, most new companies that change the world will do so using some combination of data science and advanced computing. In the last ten years, we’ve backed over 100 companies aligned with that thesis and are proud of the successes our founders have experienced. This new infusion of capital is the beginning of our next chapter as a business and will allow us to fund the next generation of entrepreneurs with world-changing ideas.”
Co-founder and CEO of WHOOP, Will Ahmed, recently said;
“Two Sigma Ventures was an early supporter of ours who understood how data can be harnessed for insights and intelligence. We’ve developed novel health monitoring techniques, and their data science and engineering expertise have been tremendously helpful to us through the years.”
Grayscale Investment Files For Rights to ETH PoW Tokens
Grayscale, a mammoth investment network, filed for the distribution of rights to Ethereum‘s Proof of Work tokens. This SEC filing came immediately following the merge on 15th September. The SEC filing stipulates that Grayscale has the right to choose whether to distribute the tokens in cash.
In part, the filing said:
“There is uncertainty as to whether digital asset custodians will support ETHPoW tokens or if trading markets with meaningful liquidity will develop… In the event that digital asset custodians do support ETHPoW tokens and trading markets do develop, it is expected that there will be widely fluctuating values for ETHPoW tokens for some time. As a result of this uncertainty and the potential for significant volatility in prices, it is impossible to predict the value of rights to ETHPoW tokens, if any.”
Grayscale Digital Large Cap Fund and Grayscale Ethereum Trust got the rights to the tokens at different measures. The former has rights to about 41,000 ETHPoW tokens, while the latter has rights to nearly 4 million tokens. The worth was, however, not stated.
Relics Raises $1.1 Million in Funding Round
Relics, a dynamic music NFTs platform, just recently announced the successful completion of their funding round, raising $1.1 million. According to their tweet, this funding round was led by @cooprecordsxyz and @palmtreecrypto.
In their recent Twitter thread, Relics said;
“We believe that a musical atmosphere is needed in the Metaverse. RELICSxyz provides copyright-licensed music and music players for Metaverse worlds. We do this with the release of two unique products: RELICS and IDOLS.”
