Gauntlet Valuation, Funding & Investors
Gauntlet is valued at $1B as of March 2022.
Last Gauntlet valuation
$1B
Series B · Mar 2022
Last Gauntlet funding round
$125M
Series C · Jul 2026
Cumulative funding Gauntlet raised
$170M
across 5 funding rounds
Key investors in Gauntlet
Polychain
First Round Capital
Paradigm
Aglaé Ventures
IA Ventures
Coinbase Ventures
About Gauntlet
Gauntlet is a Chicago-based risk management platform for DeFi protocols, blockchains, and on-chain treasuries. The company models economic incentives, simulates stress scenarios, and optimizes parameters like liquidation thresholds and borrow limits. Gauntlet serves clients including Aave, Compound, and major layer-1 networks to enhance capital efficiency and protocol resilience.
Founded
2018
HQ
New York City, NYWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Services
Valuation
$1B (Mar 2022)
Gauntlet Valuation
Gauntlet is currently valued at $1B, based on its Series B in March 2022.
The $24M round was led by Ribbit Capital, with participation from Polychain and Paradigm.
Gauntlet's valuation has grown 91x from $11M at its seed round in November 2018 to $1B in March 2022, across 2 priced rounds.
Gauntlet valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Mar 2022 | Series B | $1B |
| Nov 2018 | Seed | $11M |
Gauntlet Funding History
Gauntlet has raised a total of $170M across 5 funding rounds.
Gauntlet's first fundraising round was a $3M seed round in November 2018. The most recent completed round was a $125M Series C in July 2026.
Gauntlet funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2026 | Series C | SBI Holdings (lead) | $125M | - | Gauntlet Networks, Inc., a New York-based DeFi risk management and yield strategy firm, raised $125 million in a solo Series C round exclusively from Japanese financial conglomerate SBI Holdings (via its US subsidiary, SBI Holdings USA), with the round closing in June 2026 and announced publicly on July 9, 2026. The transaction was structured as an issuance of Convertible Preferred Stock, with FT Partners serving as the exclusive financial and strategic advisor. The current valuation at the time of the raise was not disclosed, though Gauntlet’s prior Series B in 2022 was completed at a $1 billion valuation on $24 million raised. The $125 million infusion is Gauntlet’s largest capital raise since its 2018 founding and significantly exceeds its 2022 Series B. Strategic priorities for the capital include expanding infrastructure into traditional capital markets, widening stablecoin coverage from USD/EUR to MXN, JPY, and additional currencies, growing global headcount under an AI-supported operating model, and launching new onchain products. SBI Holdings stated the investment aligns with its long-term strategy to bridge traditional finance with digital assets, including plans for a yen-denominated stablecoin in 2026. Gauntlet, backed by Coinbase and Paradigm, provides institutional and crypto firms with digital asset allocation, risk curation, and yield optimization tools for onchain lending markets. |
| Mar 2022 | Series B | Ribbit Capital (lead); Polychain; Paradigm | $24M | $1B | Gauntlet is a crypto risk management platform founded in 2018 by Tarun Chitra and Rei Chiang that provides financial modeling and simulation tools to decentralized finance institutions. The platform uses algorithms to assess risk opportunities and help DeFi protocols optimize key parameters including capital efficiency, risk management, lending levels, and collateral ratios. By the time of this funding round, Gauntlet's services were being used by major DeFi platforms including Compound, Aave, Balancer, and SushiSwap, with approximately $38 billion in assets depending on its financial modeling framework. On March 14, 2022, Gauntlet announced a $23.8 million Series B funding round led by Ribbit Capital, with participation from existing investors Polychain Capital and Paradigm. The round valued the company at $1 billion, achieving unicorn status. This funding came on the heels of significant growth in 2021, when the company raised its Series A of $13.6 million in June 2021 and achieved profitability. According to Gauntlet's announcement, the company experienced over 20x revenue growth in the year preceding the Series B round. The Series B funding was designated for expanding the company's team of developers, engineers, and simulation data scientists, as well as broadening its product lineup to include support for options, derivatives, and NFTs. The investment reflected growing demand for crypto analytics and risk management infrastructure as the decentralized finance ecosystem expanded in complexity and scale. |
| Jun 2021 | Series A | Polychain (lead) | $14M | - | Gauntlet raised a Series A round of $13.6 million led by Polychain Capital around June 4, 2021. The company provides a financial modeling platform for DeFi protocols, using agent-based simulations to optimize risk management, collateral ratios, interest rates, and liquidation thresholds for clients like Uniswap, Compound, and MakerDAO. This funding followed a Seed round and preceded a $23.8 million Series B in March 2022 led by Ribbit Capital with participation from Polychain Capital and Paradigm. Gauntlet has secured over $38 billion in assets through its risk framework as of the Series B announcement. The Series B valued the company at $1 billion post-money. |
| Sep 2020 | Seed | Paradigm (lead); First Round Capital; IA Ventures; Aglaé Ventures; Polychain | $4M | - | In September 2020, Gauntlet, a DeFi optimization and risk management platform, raised $4.3 million in seed funding led by Paradigm, with participation from Robot Ventures and other early backers. The company provides tools to optimize key protocol parameters including capital efficiency, risk, fees, and rewards for decentralized finance protocols. By June 2021, the company had raised a Series A round of $13.6 million led by Polychain Capital. Eighteen months after the seed round, in March 2022, Gauntlet announced a Series B funding round of $23.8 million led by Ribbit Capital with participation from Polychain Capital and Paradigm, achieving a $1 billion valuation and marking over 20X revenue growth in the preceding year. The platform's services were adopted by major DeFi protocols including Compound, Aave, Balancer, and SushiSwap, with $38 billion in assets depending on Gauntlet's financial modeling framework. |
| Nov 2018 | Seed | First Round Capital (lead); Edward Lando; Dragonfly; Pareto Holdings; Coinbase Ventures; IA Ventures; Aglaé Ventures; Polychain | $3M | $11M | Gauntlet raised $2.74 million in a Series Seed funding round on October 25, 2018, led by First Round Capital with participation from IA Ventures and Polychain Capital. The post-money valuation was $10.98 million. This round aligns with the specified investors including Coinbase Ventures, Dragonfly, Edward Lando, Miyuki Matsumoto, and Pareto Holdings, though not all are individually listed in the source. |
Who has invested in Gauntlet?
11 investors have backed Gauntlet across its funding rounds, including Polychain, First Round Capital, Paradigm, Aglaé Ventures, IA Ventures and Coinbase Ventures.
Lead investors include SBI Holdings, Ribbit Capital, Polychain, Paradigm and First Round Capital.
Gauntlet Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 4 | Lead | Nov 2018 | |
| Philadelphia, PA | 2 | Lead | Nov 2018 | |
| United States | 2 | Participant | Nov 2018 | |
 Paris | 2 | Participant | Nov 2018 | |
| San Francisco, CA | 2 | Lead | Sep 2020 | |
| Miami, FL | 1 | Participant | Nov 2018 | |
| San Francisco, CA | 1 | Participant | Nov 2018 | |
| New York City, NY | 1 | Participant | Nov 2018 | |
 Tokyo | 1 | Lead | Jul 2026 | |
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Start Free TrialGauntlet Competitors
Gauntlet competitors include listed companies like HashKey Holdings and OSL Group, and private ones like Flashbots, Elixir, Nansen and Elliptic.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| United States | Private | - | - | $1B | - | |
| New York City, NY | Private | - | - | $800M | - | |
 Singapore | Private | - | - | $750M | - | |
 London | Private | - | - | $670M | - | |
 Hong Kong | Publicly listed | $92M | ($109M) | $884M | - | |
| Hong Kong | Publicly listed | $62M | ($48M) | $1.2B | 11.3x |
Gauntlet Public Comps
Gauntlet is still privately-owned, but its public comps include HashKey Holdings, BitGo Holdings, OSL Group, Indokripto Koin Semesta, Rhino Bitcoin, Securitize, CARE Ratings, GlobalData, Finatext and Stewards.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $92M | ($109M) | 6.4x | - | (5.4x) | - | |||
| $16B | ($9M) | 0.1x | 5.5x | (125.1x) | 125.4x | |||
| $62M | ($48M) | 16.6x | 11.3x | (21.7x) | (23.2x) | |||
| $16M | $7M | 36.9x | - | 81.1x | - | |||
| $478K | ($417K) | 1242.8x | - | (1423.4x) | - | |||
| $62M | ($34M) | 25.5x | 22.2x | (46.0x) | (37910.8x) | |||
| $49M | $21M | 9.2x | 9.9x | 21.5x | 20.5x | |||
| $433M | $140M | 1.7x | 1.7x | 5.3x | 5.0x | |||
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Common questions about Gauntlet
| When was Gauntlet founded? | Gauntlet was founded in 2018. |
| Where is Gauntlet headquartered? | Gauntlet is headquartered in New York City, NY, United States. |
| Is Gauntlet publicly listed? | No, Gauntlet is a private, VC-backed company. |
| What is Gauntlet's valuation? | Gauntlet was last valued at $1B in its Series B in March 2022. |
| How much funding has Gauntlet raised? | Gauntlet has raised $170M across 5 funding rounds. |
| What was Gauntlet's last funding round? | Gauntlet's last funding round was a $125M Series C in July 2026, led by SBI Holdings. |
| Who are Gauntlet's investors? | Gauntlet's investors include Polychain, First Round Capital, IA Ventures, Aglaé Ventures, Paradigm, Edward Lando, Dragonfly, Pareto Holdings, SBI Holdings, Coinbase Ventures and 1 other. |
| Which companies are comparable to Gauntlet? | Companies comparable to Gauntlet include Flashbots, Elixir, Nansen, Elliptic, HashKey Holdings and OSL Group. |
See companies similar to Gauntlet
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