SendBlocks, a trailblazer in the blockchain data management sector, has successfully secured $8.2m in seed funding.
The round was spearheaded by Castle Island Ventures, accompanied by significant contributions from other institutional investors such as Pitango, Illuminate Financial, Laser Digital (Nomura), Starkware, and several influential ecosystem leaders.
The company specialises in simplifying the access to blockchain data. SendBlocks offers a fully customizable platform, enabling various blockchain enterprises, ecosystems, protocols, and applications to specify their data requirements. It is SendBlocks’ responsibility to efficiently mine through blockchain layers to extract relevant information for their clients.
As the blockchain technology evolves, particularly with the advent of high throughput blockchains, there are increasing opportunities for blockchain-based applications.
These advancements are largely driven by improved usability and reduced transaction costs. SendBlocks is strategically positioning itself as a frontrunner in the data management domain by providing solutions that are crucial for the next generation of blockchain applications.
The funds from this round will be primarily allocated towards expanding SendBlocks’ research and development team. This expansion is crucial to support both existing and potential clients while scaling the company’s marketing and sales operations to engage top-tier protocols and ecosystems.
There is a broader industry challenge of managing vast amounts of data generated by blockchains, which SendBlocks is addressing head-on. Traditional web2 solutions often require backend engineers to construct and manage databases, whereas blockchain environments use RPC calls to access data, which can become inefficient with high throughput.
SendBlocks aims to alleviate the burdens of backend and indexing operations for blockchain developers by integrating traditional indexing with RPC processes into a unified, user-friendly platform. This approach allows developers to access blockchain data efficiently, reducing the need for extensive data teams and lowering infrastructure costs.
Sean Judge, General Manager of Castle Island Ventures, praised the initiative: “By providing enterprises, ecosystems and protocols easy access to on-chain data, SendBlocks enables customers to save tens of thousands of dollars per month in development costs and reduce time to market from months to weeks.”
Itay Shrem, Co-founder & CEO of SendBlocks, expressed his vision for the company’s future, “At the end of the day we want to create a reality in which any developer can access any blockchain data they desire, without needing an entire data team or spending thousands of dollars per data need to do so.”
Prior to this funding, SendBlocks had already gained traction with notable clients such as Bancor and SphereX, who have benefited from the company’s innovative solutions, experiencing streamlined operations and cost savings.
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