Omnichain data network developer Chainbase has managed to raise $15 million in its Series A funding round. Other investors such as Folius Ventures, Hash Global, JSquare, Mask Network and Bodl Ventures also participated in the round led by Tencent Investment Group and Matrix Partners China.
The financing round, structured as equity with token guarantees, was completed in the fourth quarter of last year. As part of the deal, Tencent Investment Group and Matrix Partners China each received a board seat at Chainbase. This brings Chainbase's total funding to $18 million, following $3 million raised in seed and angel rounds.
Chris Feng, Chainbase's co-founder and chief operating officer, declined to comment on the company's valuation. Chainbase describes itself as an omnichain data network that combines all blockchain data on a single platform. This makes it easier for developers to access and use data to build and maintain applications.
“Our innovations include a real-time data lake for blockchain-generated data streaming and 'manuscripts,' the cryptocurrency industry's leading data format standard,” Feng said. “By leveraging petabytes of data across our network, we are pioneering purpose-built foundational models for crypto we do. “This initiative unlocks significant new value and expands the potential of the market by transforming static on-chain data into dynamic, intelligent models.”
Looking ahead, the Chainbase network mainnet and governance token CBT are expected to go live in the fourth quarter of this year.
*This is not investment advice.