Octan Network raised angel funds from Ava Capital, STC Capital and Kretos Ventures
Octan Network, a Web3 data analytics firm, was funded by AVA Capital, STC Capital and Kretos Ventures in its angel fundraising round recently.
Onchain analytics is emerging with many successful cases, for example, Chainalysis, Nansen, Dune Analytics, Arkham Intelligence, focusing on tracking cash-flow, smart-money and analyzing financial indicators. Octan Network has a distinguished approach: scoring reputation of Web3 entities, extracting social insights and user behaviors from onchain transactions without compromising privacy. Thus, Octan Network positions itself as a native Web3 marketing platform, allowing marketers to find and analyze social insights, individual persona, to classify and segment onchain users. This implies an ease for projects and marketing agencies to plan and execute airdrops and retroactive campaigns more efficiently, IDO whitelist more reliably. Octan also helps researchers evaluate dapps and their user quality better, easier by reputation scores.
“Onchain data is BIG, complex and very difficult to get useful insights. Each onchain analytics firm will has its own approach. Inspired by Google, Octan invents Reputation Ranking System based on adaptive Pagerank algorithms to quantify the importance and impact of onchain entities. In combination with labeling Web3 entities, Octan aims to establish Trust and Credibility in Web3 space, builds an analytics platform to help users, marketers, researchers, investors understand social insights and individual persona with ease, then make their own data-driven decisions”, said Paven Do – CEO and founder of Octan Network.
Coinbase is calling onchain reputation builders for its Base Ecosystem Fund. Base is an optimistic-rollup L2 on Ethereum, powered by OP stack and developed by Coinbase. The Base developer claims that “decentralized identity and reputation will play a critical role in defining each individual’s onchain persona”. It also mentions that onchain trustworthiness can be built via reputation protocols (e.g. using Google Pagerank) to support natively onchain entities. These are exactly what Octan Network has been researching and developing for years.
The angel investment from AVA Capital, STC Capital and Kretos Ventures will help Octan Network cover the cost of RnD, implement solutions and cutting-edge technologies for its full production release in 2024.
AVA Capital, STC Capital and Kretos Ventures are venture capitals in Vietnam. Their investment only focuses on DeFi, gamefi, NFT, socialfi, DAO, infra and Web3 projects, especially in early-stage.