Andalusia Labs, a leading provider of risk management solutions for digital assets, has secured $48 million in a Series A funding round led by Lightspeed Venture Partners, valuing the company at over $1 billion.
The round also saw participation from Mubadala Capital, a subsidiary of Abu Dhabi’s sovereign wealth fund, and several existing investors, including Coinbase, Pantera Capital, and Naval Ravikant.
The company, formerly known as RiskHarbor, also announced its relocation to Abu Dhabi Global Markets, the emirate’s financial center, to tap into the region’s regulatory and capital advantages for the blockchain industry.
Andalusia Labs offers three products: Karak, a risk management infrastructure; Subsea, a risk management marketplace; and Watchtower, a security platform for digital assets.
The company plans to use the funds to develop its products, partner with institutions, and expand globally. It is also hiring across various domains, such as AI, cryptography, and security engineering.
Andalusia Labs aims to create the industry’s security standards, foster collaboration, and integrate blockchain technology into global financial services.
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.”
Raouf Ben-Har and Drew Patel, founders of Andalusia Labs, said, “Blockchain is still in the very early innings, and we’re thrilled to have partners like Lightspeed and Mubadala who share our commitment and vision for building the premier risk management infrastructure for the world.”
“This funding will enable us to continue developing the best-in-class products for our users that will unlock the potential of digital assets and drive innovation in global financial services around the globe.”
Shaun Lee, partner at Mubadala Capital, said, “We’re honored to build our partnership with Raouf, Drew and the Andalusia Labs team. The opening of their global headquarters in Abu Dhabi will catalyze their global scaling efforts and strategically position the company for unparalleled growth. We look forward to supporting them on the next chapter of their journey in shaping the future of blockchain and Web3 parametric risk management.”
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