SubQuery Raises $9M in Series A for Polkadot Decentralized Data Protocol
- SubQuery aims to expand access to blockchain data on Polkadot and Kusama by creating new markets for data indexing and provisioning.
- The funds from the Series A round will help SubQuery build the first data aggregation layer for the Polkadot ecosystem.
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Data-as-a-service provider SubQuery has completed a $9 million Series A funding round, which will help the company build the first data aggregation layer for the Polkadot ecosystem, SubQuery said in a press release on 8 September.
According to the announcement, the funding round was co-led by Arrington Capital, Digital Currency Group, and Stratos Technologies, and also saw participation from Hypersphere Ventures, Neo Global Capital, Wintermute, and Skynet Trading. By successfully completing its funding round, SubQuery will now be able to expand its technical abilities, and create the first decentralized data aggregation layer for the Polkadot ecosystem. Ninor Mansor, partner at Arrington Capital, said in a statement:
“SubQuery makes it easier to build. It scales to all parachains and could catalyze the next boom in activity on Polkadot & Kusama.”
The fresh funds will enable the company to continue its work on a data indexing infrastructure for all Polkadot and Kusama applications, as well as accelerate SubQuery’s technical and community roadmap. The team behind the project also plans to decentralize the protocol by onboarding “strategic external data service providers”, and further integrate SubQuery with other Layer 1 blockchains, such as Solana and Terra.
The goal of the project was to provide Polkadot and Kusama developers with the tools needed to analyze on-chain data. In its press release, SubQuery also claimed it is already serving “millions of data queries” each day to more than 60 projects on the Polkadot and Kusama networks, amongst which are Acala and Moonbeam.
- All three phases of Acala’s plan to resume operations have been executed, and all services on the network are now reopened.
- All aUSD from the error mints had been recovered with the exception of 5.8 million tokens, which were re-collateralized using the team’s own funds.
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- The $400 million Series A saw participation from, Temasek, NEA, Multicoin Capital, Tribe Capital, SoftBank Vision Fund 2, and others.
- The newly acquired funds will help FTX.US grow its user base, bolster its derivatives efforts, launch new business lines, and explore strategic investments and acquisitions.
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- The fresh funding will help Metaversal expand its NFT portfolio, and support businesses that “enable the open Metaverse to thrive”.