Amboss, a startup building a data analytics platform for the Lightning overlay network dedicated to Bitcoin, has closed a $4 million funding round from Stillmark, Draper, and others.
Lightning Network is a P2P payment protocol built as a second-layer application on Bitcoin. The network aims to address the challenge of scaling the BTC blockchain by offering the ability to transact faster and cheaper.
On Tuesday, Amboss Technologies announced that it had raised $4
in a round led by Stillmark, a VC that focuses its investments on projects that revolve around the market’s first cryptocurrency.
The round includes participation from other venture capital firms with Valor Equity Partners, Draper Associates, Fulgur Ventures, and Ride Wave Ventures.
READ MORE:Binance integrates the Ethereum layer-2 protocol “Arbitrum” as the scaling race heats up.
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Specialized in Lightning Network, Amboss offers a data analysis platform allowing users to make the most of the layer 2 networks. The startup plans to use the funding to add artificial intelligence to its solutions, leveraging machine learning.
Payment reliability is critically important to businesses and institutions considering, using, or actively preparing to join the Lightning Network in 2023. Amboss offers advanced products that provide a more direct Lightning experience,” commented Alyse Killeen, Managing Partner at Stillmark.
According to a press release, over 30% of the network’s nodes are registered on Amboss, including some hosted by industry figures such as the Kraken exchange platform and the TBD subsidiary of fintech Block.
Last year, Stone Ridge, NYDIG’s parent company, announced the launch of an accelerator for startups working around the Lightning Network.
