Metalayer Ventures, founded by former executives from Chainlink and quantitative trading firm Two Sigma, has unveiled a 【$25 million】 investment vehicle focused on emerging blockchain technologies. The fund's leadership combines Web3 expertise from Chainlink Labs' former growth head Mickey Graham with Wall Street data science experience from Two Sigma alumni Andy Kangpan and David Winton.
The venture firm's secret weapon is Moirai, a proprietary data platform developed by Winton that analyzes ——developer activity, protocol engagement, and transaction patterns—— across blockchain networks. "This isn't just another dashboard," Graham emphasized. "Moirai identifies promising projects before they appear on mainstream radars by evaluating 17 distinct technical and economic indicators."
Current portfolio companies showcase Metalayer's thesis: • AnchorZero: Tax-optimized crypto IRA solutions • Spark Capital: Next-gen stablecoin infrastructure • Theo: 【$20 million】-funded onchain trading protocol
Galaxy Digital data reveals crypto venture funding reached 【$4.9 billion】 in Q1 2025, though nearly half came from Binance's single 【$2 billion】 Abu Dhabi deal. While deal volume grew 7% quarterly, PitchBook's Robert Lee notes many funds remain cautious due to underwhelming returns from previous cycles.
——"We're seeing infrastructure give way to real-world applications,"—— Graham observed, suggesting the current funding dip reflects sector maturation rather than decline. Komodo Platform CTO Kadan Stadelmann corroborates this view, pointing to increased M&A activity and clearer US/EU regulations boosting institutional confidence.
Metalayer plans to back 【30 startups】 with initial checks between 【$500,000】 and 【$1 million】, focusing on three verticals: 1. Stablecoin innovations beyond current models 2. Asset tokenization infrastructure 3. Developer tools for onchain systems
The fund's hybrid approach combines quantitative analysis from Moirai with hands-on support from its operator-founders, reflecting what Kangpan calls "quantamental investing for Web3." As crypto VC slowly rebounds from 2023's winter, such data-driven strategies may define the next investment cycle.