Crypto-centric financial modeling platform Gauntlet has reportedly managed to become a unicorn startup, via securing $23.8 million of capital injection in Series B fundraising. 

Specifically, The investment round was reportedly led by Ribbit Capital, a Palo Alto-headquartered venture, with current investors such as Paradigm and Polychain Capital also taking part in. 

Gauntlet reportedly revealed that the newly acquired capital injection will reportedly be dedicated towards onboarding more human resources, as well as furthering its presence into new industry verticals, including gaming.

Gauntlet was established  in 2018 by Tarun Chitra, a Wall Street executive who used to serve at the multinational hedge fund D. E. Shaw. 

Gauntlet reportedly offers financial modeling and simulation tools to businesses functioning in the crypto sphere, with a concentration on capital efficiency and risk.

In 2018, Gauntlet received its first seed investment from Coinbase Ventures and five other participants for a total of $2.9 million, as revealed by Crunchbase. The firm managed to obtain an extra $4.4 million two years after that. 

Gauntlet’s $1 billion valuation reportedly serves as evidence for the fast development of the cryptocurrency sphere. Gauntlet’s primary offering makes it possible for crypto initiatives and particularly decentralized finance (DeFi) platforms, to operate stress tests that can assist them in setting optimal lending and collateral levels.

Gauntlet’s most widely recognized customers reportedly include Aave (AAVE) and Compound (COMP), which are among the top major DeFi initiatives, in terms of market capitalization and total value locked.