Subsquid recently announced the closure of a seed round featuring several partners and investors, of which Hypersphere Ventures took the lead. Hypersphere Ventures provided the lead investor in Subsquid’s strategic seed round. In addition, more than Twenty prominent Polkadot and crypto investors joined the $3.8 million September round, including four firms that now use the Subsquid APIs, demonstrating significant support from key players.
This seed funding will be used to construct the first blockchain indexing system, according to the company. Furthermore, the new data query tool will tap into a network of indexers, allowing anybody to join and contribute data to Subsquid data consumers.
Other investors who took part in the strategic seed round include Zeeprime Capital, Illusionist Group, DFG, Jsquare, Lattice Capital, SMAPE Capital, 0x Ventures, Signum Capital, Signal Ventures, D1 Ventures, Faculty Group, Dia Data, Zeitgeist, Chainflip, Astar Network, BwareLabs, KodaDot.
Reactions to the Funding
Speaking on the success of the recently concluded seed round, Dmitry Zhelezov, Technical Co-Founder, said, “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.”
Reacting to the partnership, Co-Founder of Hypersphere Ventures, Jack Platts, expressed his excitement and anticipation for what lies ahead following the closure of the seed round. He said, “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 several 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.”
Subsquid Plans to Improve its Platform
Subsquid is a Substrate-based blockchain’s node query framework and node-as-a-service provider. Although they are dispersed out across multiple blocks, the platform can process thousands of on-chain events and transactions in a single batch. When compared to direct node access, this implies DotSama developers can get their node queries in sync significantly faster.
Subsquid’s flexibility and speed set it apart from other projects, thanks to the maximum level of SQL query customization with bespoke GraphQL resolvers. Chainflip, HydraDX, Joystream, Subsocial, Threefold, and Zeitgeist are just a few of the Polkadot ecosystem projects that use Subsquid’s services and flagship open-source framework, Hydra.
Subsquid expects to introduce its new blockchain indexing technology early next year. In addition, the network will divide the indexing and data retrieval processes to make it more efficient and parallelized for blockchain data users. This decentralization and dispersal of the indexing process, according to the company, will make the process faster and more efficient for blockchain data users.