While most newborn technology companies never find their product-market fit based on sales, Minneapolis tech startup Nomics has defied the odds of starting up.
Formed late last year by repeat tech entrepreneur Clay Collins, previously of Leadpages, Nomics ambition is to become “The Data Backbone For The Open Financial System,” like a Bloomberg financial service but exclusively for the emerging tokenized asset class.
And as of late, the venture has obtained paying customers for their enterprise-grade cryptocurrency market data API, which aggregates and normalizes data streams from as many as 36 different sources.
He has declined to disclose the exact number of paying customers, only saying “It’s more than one.”
They come from two camps: either hedge/investment funds who seek an edge for their own proprietary trading methods and pay $500 per month for the service, while the other is exchanges who use white label version of the Nomics API engine.
“We’re not a blockchain or cryptocurrency company, but a data company,” he maintains. “We cover over 600 tokens, have nearly 4 billion trades indexed and have received over 25 million API calls in the past 30 days.”
“I’ve become obsessed with data platforms…How can we scale the number of integrations without scaling cost? How can we drive the cost to zero over time?” he wonders out loud.
Collins leads a team of three and is focusing in on a fundraising initiative concerned with ‘more than money’. “The main thing we’re looking for is alignment at the board level…the biggest value add an investor can offer us is governance expertise.”
Nomics isn’t the only local tech startup crossing the chasm these days; Control Bright, Basketful, and Basin Commerce each reported their revenue milestones this year. As for the rest, there’s dozens of pre-revenue tech companies listed in the database, including those we’re watching.
Who will the market validate next?