Bitwave, a San Francisco, CA-based SaaS firm that helps all companies that interact with digital simplify their accounting and taxes, today announced that it has closed a $15 million Series A funding.
The round was led by Hack VC and Blockchain Capital, with participation by SignalFire, Valor Equity Partners, Arca, Pulsar Trading, Alumni Ventures Blockchain Fund, and Hutt Capital.
The new funding will help them launch their newest product, Bitwave Institutional, targeted to custodians, exchanges, financial institutions, wealth managers, and other organizations exposed to the enormous risk, regulatory, and control complexities around holding, managing and investing users’ digital assets.
Bitwave Institutional is a set of processes, controls, and technology designed to bring trust into the new digital asset financial system. The solution builds directly on Bitwave’s flagship enterprise product, which enables digital asset accounting, tax, bookkeeping, invoicing, and more for businesses, but with additional features such as segregated balance sheet tracking, internal and external system reconciliations, and proof of liability and reserve publishing.
Patrick White, CEO, and Co-Founder of Bitwave, said, “We are thrilled to work with Hack VC, Blockchain Capital, SignalFire, and our other new investors to drive the next stage of growth for Bitwave. Despite an interesting economic environment, Bitwave continues to scale by focusing on the hardest problems in the digital asset economy – the accounting, compliance, and trust building that our industry must adopt as we mature. Bitwave empowers pioneering digital asset accounting teams to seamlessly manage the accounting and compliance needs surrounding digital assets on their balance sheets.”
This funding follows remarkable market traction with leading digital asset native and Fortune 500 customers such as OpenSea, Compound, Marathon Digital, and Polygon.
Company: BitAlpha, Inc.
Round: Series A
Funding Month: December 2022
Lead Investors: Hack VC and Blockchain Capital
Additional Investors: SignalFire, Valor Equity Partners, Arca, Pulsar Trading, Alumni Ventures Blockchain Fund, and Hutt Capital
Company Website: https://www.bitwave.io/
Software Category: Digital Asset Finance Platform
About the Company: Founded in 2018 by technology entrepreneurs Pat White and Amy Kalnoki, Bitwave is the first enterprise-focused digital asset finance platform designed to manage the intersection of tax, accounting, and compliance for cryptocurrency, DeFi, and NFTs. Bitwave is purpose-built to help finance and accounting professionals mitigate the challenges of operating with digital assets with robust functionality, including everything from bookkeeping to AR/AP, bill pay, treasury management, and more. Bitwave combines tax and accounting capabilities with workflow and process expertise, allowing enterprises to survive and thrive in the financial revolution made possible by cryptocurrency. Bitwave’s mission is to enable any enterprise, business, non-profit, or government to work with digital assets, and take more direct control over their financial future, bypassing traditional financial institutions and investment banks. The firm was based in San Francisco, CA.