Amboss Technologies – a pioneering data analytics company for the Bitcoin Lightning Network – announced it raised $4 million in Seed funding from Stillmark, which is a leading Bitcoin-native VC. The funding round also includes participation from such VCs as Valor Equity Partners, Draper Associates, Fulgur Ventures, and Ride Wave Ventures.
With more than 17,000 payment provider nodes, the Lightning Network provides a decentralized alternative to traditional payment networks, but this emerging and peer-to-peer financial system is becoming more complex. And as a first mover in the space, Amboss combines data, analytics, and a social component to enable users to make strategic decisions on how to successfully and efficiently route payments across the network.
The new funding round will bolster the company’s efforts in AI research and product development. By utilizing AI and machine learning, Amboss is able to add intelligent decision-making tools to its product offering that will help drive node and channel management automation.
Amboss has proven the company’s solutions are essential for optimizing the Lightning Network. And currently, over 30% of the network’s nodes are registered on Amboss.space including nodes hosted by industry leaders like Kraken Exchange and Jack Dorsey’s Lightning-focused Block subsidiary “TBD.”
Plus Amboss has pioneered incorporating a social layer into its platform, featuring community groups, message boards, reputational scoring, and social sharing. And by fostering a hub for communities on the Lightning Network, Amboss has cultivated a robust user feedback loop and accrued considerable brand equity. Plus Amboss bolsters its communities with its “Magma” marketplace, thus kick-starting a way for lightning users to earn bitcoin yield from savings without relinquishing custody.
Market: In the evolving $9 trillion digital payments industry, Amboss’ momentum highlights the transformative benefits of the Lightning Network’s round-the-clock availability, low transaction costs, and enhanced privacy. And as the Lightning Network disrupts traditional payment methods, Amboss’ contributions in optimizing routing and offering innovative solutions are accelerating a counter-cyclical financial revolution.
KEY QUOTES:
“The data analytics platform we’ve built with Amboss showcases the many advantages of the Lightning Network as a community-controlled financial system. Our drive to optimize payments with machine learning has attracted strategic investors who understand Lightning’s significant disruptive potential and our role in perfecting global payments.”
- Jesse Shrader, co-founder and CEO of Amboss
“Payment reliability is of critical importance to the enterprises and institutions now considering, currently using, or actively preparing to onboard to the Lightning Network in 2023. These businesses are seeking the superior efficiency and availability of Lightning as compared to other payment protocols generally, and traditional payment systems specifically. Amboss has advanced products that provide a simpler experience of Lightning and one that more closely fits existing client business parameters. Amboss is very well positioned to continue along this path at the exceptionally quick cadence that has defined the company to date, continuing to develop and deliver data-driven tools and services to optimize payment reliability and simplify channel management.”
- Alyse Killeen, Managing Partner of Stillmark
