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.