Subsquid Raises $3.8M in Seed Round Led by Hypersphere Ventures
Nov 12, 2021
November 12, 2021 08:55 ET
Zug, Switzerland, Nov. 12, 2021 (GLOBE NEWSWIRE) -- Subsquid has closed its strategic seed round with a lead investment by Hypersphere Ventures . The September round, totaling $3.8 million, was signed by more than 20 influential Polkadot and crypto investors including four projects that currently use the Subsquid APIs, signaling strong support by key-stakeholders. Subsquid is an innovative node query framework and node-as-a-service provider for Substrate-based blockchains. The platform can process thousands of on-chain events and transactions in a single batch, even if they are spread out across many blocks. This means DotSama developers can get their node queries in sync much faster compared to direct node access. Paired with the highest level of SQL query customization with custom GraphQL resolvers, the functionality and speed sets Subsquid apart from other projects. Subsquid’s services and the flagship open-source framework, Hydra, are already utilised by a number of projects in the Polkadot ecosystem, most notably Chainflip , HydraDX , Joystream , Subsocial , Threefold and Zeitgeist . Dmitry Zhelezov, Technical Co-Founder, on the successful closure of the seed round: "I want to take the opportunity to thank our early investors for the immense support we have received during this early stage of our project. We are looking forward to rolling out more functionalities in the coming weeks, allowing blockchain developers to harness Subsquid’s next generation technology and take DApps to a new level of speed and functionality.”
Jack Platts, Co-Founder of Hypersphere Ventures, added: “I am excited to be supporting Subsquid as one of the key infrastructure pieces for the parachain ecosystem. DotSama developers need reliable and fast endpoints to power their frontends and other blockchain-interfacing apps, and Subsquid is already serving that need with a number of parachain projects. The technical challenge to offer reliable Polkadot endpoints was immense, so we’re happy to back a team that is making it happen.”
The mission of Subsquid is to bring scalable data APIs to Web 3.0 by transforming a traditional SaaS model into a DAO with open participation. The Subsquid DAO replaces the standard approach of redundant monolithic network nodes with heterogeneous workers. The workers are incentivized and are subject to on-chain accountability and democracy. The SQD token is the main unit of accounting within the Subsquid DAO. It has multiple use-cases and can be described as a hybrid payment, governance and work token. About Subsquid
Subsquid is a game-changing protocol for DotSama developers that services complex queries in a fraction of the time usually needed thanks to its powerful architecture. Its unique two-tier approach provides developers with rapidly decreasing data retrieval times and boosts API reliability, while its high level of customizability makes it the ideal query protocol for substrate-projects of any type and scale.