Coherent received seed funding of $4.5 million from Coinbase Ventures, Kindred Ventures and other investors. Coherent was founded by an ex-Coinbase engineer. It is developing APIs to allow humans to read blockchain data.
Coherent, a crypto data startup, was founded by Carl Cortright (ex-Coinbase employee) in a seed round of funding.
The round was co-led jointly by Kindred Ventures. Matchstick Ventures. Foundry Group participated, along with Coinbase Ventures. Alchemy, Chapter One, and Dan Romero. Dan Romero was an early employee of Coinbase.
After nearly four years at Coinbase as a senior software engineer, Cortright started Coherent in April. Cortright answered a question about why he quit Coinbase, saying that he was not growing as an engineer. He wanted to create a platform for human-readable crypto data so that the next billion people can use it.
Coherent is developing APIs to allow developers to create applications and offer new features with its data. According to Cortright, the firm will be focusing on three types data: on-chain transaction histories, non-fungible token data (NFT), and credentials.
“We will be just like Plaid for cryptocurrency. Plaid is able to connect to a bank account, and then access all transactions to their API. Cortright said that they will enable you to connect to your wallet address and provide all the relevant information in a digestible manner.
Coherent isn’t the only startup that has developed APIs for blockchain data. Covalent, Moralis, are just two of its closest competitors. However, Coherent is focused on user data, according to Cortright.
“A lot of startups similar to ours are trying to be all things to all people. Cortright stated that we have a lot of focus on user data and identity.
Coherent is currently in testing and will launch its product in September.
Coherent currently employs five employees. Cortright plans on hiring two additional engineers in the near-future.