Andalusia Labs (formerly known as RiskHarbor), a global leader in risk management infrastructure for digital assets, has successfully raised $48 million in Series A funding round, thus positioning the company’s equity valuation north of $1 billion. 

 

Prominent Silicon Valley venture capital firm Lightspeed Venture Partners led the round with participation from Mubadala Capital, the asset management subsidiary of Abu Dhabi-based Mubadala Investment Company and existing investors Pantera Capital, Framework Ventures, Bain Capital Ventures, and Digital Currency Group. 

 

Other existing investors include industry giant Coinbase, Proof Group, Nima Capital, Naval Ravikant, and founders, general partners, and executives from leading global organizations.

 

In conjunction with the round, Andalusia Labs announced the establishment of its global headquarters in Abu Dhabi’s Financial Center, Abu Dhabi Global Markets. 

 

Founded by Raouf Ben-Har and Drew Patel, Andalusia Labs is a collection of leading technology solutions addressing the security challenges prevalent in the blockchain industry including Karak, a revolutionary risk management infrastructure for digital assets; Subsea, a pioneering risk management marketplace for digital assets; and Watchtower, an institutional security platform for digital assets.

 

For the company, this strategic move underscores its commitment to expanding its global footprint and highlights Abu Dhabi as a leading financial hub for digital assets that nurtures growth and fosters innovation through its progressive regulatory structure, unique connectivity to eastern and western markets, and being home to some of the world's largest sovereign wealth funds providing strong access to institutional capital.

 

"Andalusia Labs is addressing one of the most significant challenges in the blockchain industry today," said Ravi Mhatre, Partner at Lightspeed Venture Partners.

 

"Financial institutions and blockchain companies grapple with the absence of robust risk management technologies to safeguard their assets. Raouf, Drew, and their team are the first to fill this gap by delivering mission-critical risk management infrastructure that not only paves the way for wider institutional adoption by an order of magnitude, but also empowers developers to create novel applications that are inherently safe and secure from day one."

 

"Lightspeed is excited to partner with them as they aim to bring their infrastructure to every institution, developer, and consumer in the industry," he added.-TradeArabia News Service