Furnace raises $3.5M for prediction market infrastructure
Furnace, a New York-based prediction markets infrastructure startup, raised $3.5 million. The company builds technology serving professional prediction market traders. It was founded in 2025 by Siff, alongside identical twin Andrew Siff and Gabriel Rizk. The funding comes as infrastructure providers compete for placement across a growing set of regulated venues. The sector is seeing capital concentrate in full-stack operators while specialized firms must prove their services earn permanent placement. Furnace disclosed investors including North Island Ventures, VanEck, Reciprocal Ventures and Reverie but not its valuation.
Furnace now joins Raven as a funded infrastructure specialist in a field where capital is flowing to full-stack platforms. Kalshi is in talks to raise $1 billion at a $40 billion valuation, while Novig just hit $2 billion. That concentration raises the same question Raven faces: will platform operators build this function in-house or pay for it permanently. Furnace must prove its trader-facing tools earn placement on multiple venues rather than being cloned by the incumbents it supports.
The $3.5 million is enough to build but not enough to survive a platform pivot. If Kalshi or Polymarket launches competing infrastructure, Furnace's window to lock in contracts narrows to the current funding runway. The precedent is Raven's $90 million valuation, which already assumes indispensability. Furnace arrives at a steeper discount, with more to prove and less time.
Adds to a recent cluster of capital for prediction-market specialists after Robinhood's equity stakes in Crypto.com and OG.com, as platforms and infrastructure providers race to secure partner networks rather than build full stacks alone.