Kaiko announced on September 14 that S&P Global has led a strategic investment extending its Series B to $110 million. The round also includes Alura Capital, BNP Paribas, Bpifrance, Broadridge, Canton Foundation, Coinbase Ventures, DRW Venture Capital, Nasdaq Ventures, Royal Bank of Canada, Stellar and Susquehanna Private Equity Investments.

Existing shareholders Anthemis, Point Nine and Revaia joined the extension as well. The wording is worth keeping precise: the transaction brings Kaiko’s Series B to $110 million rather than representing a completely separate $110 million round.

Tokenization still needs boring, reliable data

Kaiko built its business around institutional digital-asset market data. The company says its infrastructure now covers more than 150 exchanges and protocols, supplying information used for trading, valuation, risk management and benchmarks.

It now wants to apply that foundation to a broader set of onchain capital markets. Its infrastructure is designed to deliver proprietary market data into smart contracts, turn onchain financial activity into standardized offchain information and support valuation and analytics.

That is not the most visible layer of tokenization, but institutions cannot simply replace a bond or a fund share with a blockchain token and discard the surrounding market machinery. Someone still has to provide trusted prices, histories, reference data and consistent analytical inputs.

S&P Global is a particularly relevant investor

S&P Global operates in a part of finance where reliable information is itself infrastructure. Its involvement therefore lines up unusually well with Kaiko’s pitch: the tokenized version of a market still needs data that institutions can actually use for decisions, controls and valuation.

Kaiko specifically points to Treasury bills, money-market funds, equities and bonds as markets where tokenization could increase demand for this infrastructure.

Digital-asset markets also create a basic operational complication. They run around the clock. A data layer intended to connect traditional institutions with those markets has to behave accordingly.

The investor list is turning into a working group

The institutions participating in the financing are also joining a Strategic Industry Working Group chaired by Kaiko. The group is intended to focus on the data and infrastructure required to move tokenized products into production.

Its membership spans different parts of the financial stack. Banks, market-infrastructure companies, blockchain organizations, trading firms and crypto businesses are sitting in the same group rather than approaching the problem entirely in isolation.

That does not prove tokenized capital markets will replace conventional infrastructure. It does show that several institutions with existing roles in pricing, trading, settlement and capital allocation are willing to fund the technical layer in advance.

Kaiko has been assembling more than market feeds

The company recently completed the acquisitions of Cometh and Amberdata. Cometh adds regulated DeFi infrastructure and a MiCA CASP authorization in France, while Amberdata expanded Kaiko’s U.S. footprint and digital-asset data capabilities.

Kaiko has also launched the S&P Kaiko Digital Asset Indices suite and maintains a data collaboration with Bloomberg. The S&P Global investment therefore follows an existing relationship rather than starting one from scratch.

The new capital will support both Kaiko’s established market-data operation and its expanding onchain infrastructure business. If tokenized finance grows, somebody has to maintain the pipes. Kaiko now has $110 million in Series B backing to argue that those pipes should include its data.