Cere Network Raises $31M in Funding Round Led by Republic, Polygon

Funding will be used for new hires, developer network growth and app development.

Sep 9, 2021 at 1:00 p.m. UTC
Updated Sep 9, 2021 at 2:47 p.m. UTC

Cere Network, the developer of a blockchain-based customer relations management system, said it raised $31 million in a funding round led by the investment platform Republic and Polygon.

The Berlin-based company said it will use the funding to speed the integration of its decentralized data cloud into Polygon’s protocol. Completion is expected about the same time as its integration with Polkadot, by the end of the third quarter.

Republic led a $28 million token offering that included smaller raises on DAO Maker and Polkastarter, Cere Network said. Polygon invested $3 million, which will be used for new hires, developer network growth and app development.

“The Cere decentralized data cloud is the future of blockchain data and takes harnessing datasets to the next level” said Sandeep Nailwal, the co-founder and COO of Polygon. “Our investment in Cere and their integration into our protocol means that Polygon’s ecosystem maintains its market leadership.”

Cere Network is also backed by Arrington XRP Capital, AU21, Fenbushi Capital and Neo Global Capital. Cere has its own blockchain, which supports Polkadot with bridges to Ethereum and Polygon, also allowing for data transfers.

Cere’s team has grown to more than 60 employees globally to meet the demand for its decentralized data cloud launch.

UPDATE (SEPT. 9, 14:47 UTC): Company changes location of its headquarters.

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Tanzeel Akhtar is a CoinDesk news reporter based in Europe.