Utila nets $11.5 million Seed funding for institutional crypto operations platform
Utila nets $11.5 million Seed funding for institutional crypto operations platform
The Israeli startup’s platform allows institutions and developers to manage their digital assets with its non-custodial, secure, and chain-agnostic wallet
Utila, an enterprise-grade crypto operations platform, announced on Tuesday that it has raised $11.5 million in Seed funding from NFX, Wing VC, Framework Ventures, and other leading web3 and fintech VC funds and angel investors including Balaji Srinivasan, Charlie Songhurst and Surojit Chatterjee.
Utila’s platform allows institutions and developers to manage their digital assets with its non-custodial, secure, and chain-agnostic wallet. Utila said its platform is already used by dozens of leading institutional investors and crypto-native firms to store and transact billions of dollars.
Utila was founded in 2022 by CEO Bentzi Rabi and CTO Sam Eiderman. Rabi previously served as a Principal at i3 Equity Partners and also served as a Board Observer in Frontegg. Eiderman previously worked at Google and Oracle and was a software R&D team leader and product manager in an elite IDF intelligence unit, where he and Bentzi met.
Utila’s all-in-one self-custody wallet platform gives companies complete control of their digital assets across various chains including Bitcoin, Ethereum, EVM chains, Solana, and many others under one umbrella. It offers a secured wallet infrastructure that removes complexity without compromising security.
The platform is powered by MPC key management, a self-serve policy engine, and a seamless user experience. Among the long list of Utila’s customers can be found leading hedge funds, OTC desks, market makers, and prime brokers utilizing Utila for their trading operations, as well as crypto-native organizations like custodians, exchanges, and token issuers leveraging Utila infrastructure as a tech provider, or even businesses who manage crypto payments. Another customer segment that the company has recently started to serve is token issuers, by adding advanced tokenization capabilities.
"Utila is more than just a crypto wallet; it's a comprehensive ecosystem that addresses the current challenges in the crypto asset management space," stated Bentzi Rabi, Co-founder and CEO of Utila. "We are setting a new standard for institutional cryptocurrency wallets, delivering a sophisticated yet user-friendly platform that ensures the highest level of security and efficiency for managing digital assets."
Other investors include Fansanara Digital Ventures, North Island Ventures, Republic Capital, Liquid2, Inspired Capital, Lyrik Ventures, DCG Expeditions, Launchpad Capital, Shima Capita, K5 Global, Big Brain Holdings, Impatient, and leading angel investors from a16z, Coinbase, and other organizations.
