Kaiko announced Monday that S&P Global led a strategic investment that extended its Series B to $110 million. The crypto data provider said the financing will strengthen its market-data business and infrastructure for round-the-clock tokenized markets.

BNP Paribas, Bpifrance, Broadridge, Canton Foundation, Coinbase Ventures, DRW Venture Capital, Nasdaq Ventures, Royal Bank of Canada, Stellar and Susquehanna Private Equity Investments joined as strategic investors. Existing shareholders Anthemis, Point Nine and Revaia also participated.

Kaiko said the financing will strengthen its core digital-asset market-data business and expand an infrastructure offering designed to deliver proprietary data to smart contracts, turn onchain financial activity into standardized offchain data, and support confidential valuation and analytics.

The company said it covers more than 150 exchanges and protocols. It cited tokenized Treasury bills, money market funds, equities and bonds among the markets that will require data systems capable of operating beyond conventional trading hours.

Participating institutions also joined a strategic industry working group chaired by Kaiko. The company said the group will focus on the data and infrastructure needed to bring tokenized products into production.

Existing S&P Relationship

S&P Global’s role builds on an existing product partnership. On Sept. 1, S&P Dow Jones Indices and Kaiko introduced the S&P Kaiko Digital Asset Indices, combining both companies’ crypto index offerings on a single platform.

S&P said the suite launched with more than 4,000 rates and indices. Kaiko provides data sourcing and calculation, while S&P supplies benchmark administration, licensing and distribution.

The $110 million total is more than twice the original Series B announced in 2022. In July of that year, Eight Roads’ Alston Zecha wrote that the firm had led Kaiko’s $53 million raise, with Revaia and earlier backers Alven, Anthemis, Point Nine and Underscore also participating.