Andalusia Labs raised $48 million

Andalusia Labs management announced the successful completion of the fundraising phase. The digital asset risk infrastructure organization formerly known as RiskHarbor has raised $48 million in Series A funding.. The institution received a valuation of $1 billion and became the next “unicorn” in the crypto space.

Lightspeed Venture Partners led this investment round. Other venture capital organizations include Mubadala Capital, as well as Pantera Capital, Framework Ventures, Bain Capital Ventures and Digital Currency Group, among others.

Along with the new capital raising, Andalusia Labs opened its global headquarters in Abu Dhabi (UAE). According to co-founder Raouf Ben-Har, the funds will be used to develop products and expand the project team. To date, the organization has raised a total of approximately $51 million.

The startup has 3 main technological solutions for digital assets. These are the layer 2 blockchain Karak, the risk management marketplace Subsea and the institutional platform Watchtower. All of them are aimed at providing cryptocurrency support to institutions, developers and consumers in their respective niches.

According to Ben-Har, Subsea and Watchtower are built on top of the Karak network. The public testnet was implemented very recently. Soon the developers will complete testing and launch the main one.

“Andalusia Labs views risk management as “the foundation of financial stability,” especially in an area such as cryptocurrencies. Here, hacker attacks and threats are ubiquitous,” company representatives said. “Our design acts as a shield against potential financial loss, protects against fraud and ensures compliance with a dynamic landscape.”

“Ensuring the security and sustainability of digital assets is critical in an evolving industry. Given the market volatility, regulation and complexity of the crypto industry, it requires a “sophisticated and nuanced approach” to risk management,” said co-founder Drew Patel.