Furnace raises $3.5m to standardise prediction market data
New York startup Furnace has emerged from stealth with $3.5m in funding to build common reference infrastructure linking Kalshi, Polymarket and other prediction market venues.
Furnace, a New York-based startup building what it calls reference infrastructure for prediction markets, has come out of stealth mode with $3.5m (£2.6m) in funding, EGR has reported.
The round was led by North Island Ventures, a New York fund that typically invests between $500,000 and $5m in early-stage companies across payments, neobanks, blockchain and agentic AI. VanEck Ventures, Reciprocal Ventures and Reverie also took part, alongside angel investors connected to The Depository Trust & Clearing Corporation, Public.com and Commonweal Ventures.
The company describes itself as the reference layer for prediction markets, aiming to give trading firms, hedge funds and prime brokers a shared system for plugging these markets into their existing infrastructure and products.
Furnace currently covers Kalshi, Polymarket and Polymarket US. Its core function is to take similar bets listed across different platforms, such as separate contracts on a Federal Reserve rate decision worded and settled in slightly different ways, and group them under a single common event identifier.
According to the company, this lets institutions compare their exposure across multiple exchanges even when the underlying contracts are not identical in structure or settlement terms.
Furnace said its approach assigns persistent identities to these economic exposures and maps each venue's specific contract back to them, while keeping intact the differences in rules, resolution and settlement that distinguish one platform's version of a market from another's.
The company argues this creates a shared base that institutions and developers can build on when integrating prediction markets into broader financial systems, or when designing new products around them.
CEO and co-founder Matthew Siff said that if prediction markets are to become part of the financial system, the contracts underpinning them need to be represented consistently across the various systems institutions already operate. He added that while traditional markets already have identifiers and reference data supplying that groundwork, prediction markets currently lack an equivalent.
Furnace was founded in 2025 by Matthew Siff, his identical twin Andrew Siff, and Gabriel Rizk. Andrew Siff holds the chief operating officer role, having previously served as head of product at coupon sourcing platform Give Freely, while Rizk is chief technology officer and a former AWS engineer.
Matthew Siff spent the five years prior to founding Furnace working as a quant trader at Old Mission.