PRESS RELEASE. SubQuery announces a US$9M funding round for the first decentralized data aggregation layer for the Polkadot ecosystem. This round brings together key stakeholders into the Web3 Ecosystem, building toward SubQuery’s vision as fundamental data indexing infrastructure for all Polkadot and Kusama parachains and applications.
SubQuery aims to improve access to decentralized blockchain data by creating a vibrant marketplace for data indexing and provisioning. Its technology provides Polkadot and Kusama developers with the tools needed to easily explore, transform and analyse on-chain data. Abstracting the backend, SubQuery eliminates the need for custom data processing servers. It lets developers focus on product development and user experience rather than building their own querying systems.
This strategic round was co-led by Arrington Capital, DCG and Stratos Technologies, and included participation from Hypersphere Ventures, Neo Global Capital (NGC), Wintermute and Skynet Trading. It follows on from a seed round in early 2021, which included DeFi Alliance, The LAO, Digital Renaissance, P2P Capital, and Web3 Capital, as well as angel investors such as Danish Chaudhry, CEO of Bitcoin.com Exchange.
Arrington Capital believes SubQuery will become a core piece of infrastructure for all parachains and applications. Partner Ninor Mansor commented on the firm’s thesis for SubQuery; “We are early investors in parachains like Moonbeam and Acala and want teams in these ecosystems to be able to focus on their core products. SubQuery makes it easier to build. It scales to all parachains and could catalyze the next boom in activity on Polkadot & Kusama”.
Matt Beck, Director of Investments at DCG reinforced this view by stating; “SubQuery is a critical part of the Polkadot stack and its deep relationships with leading Polkadot projects prove it. As an active investor in the Polkadot ecosystem, we are impressed by the team’s passion, knowledge and dedication towards their work and are very excited to back them.”
Polkadot’s parachain architecture is a key differentiator from other Layer 1 blockchains. In contrast to competing single chain designs, each parachain serves as its own independent protocol, interoperating with other parachains through a common relay. To win a slot on the relay chain, parachains raise capital from the community via a crowdloan campaign, which requires participants to stake — for the long term — native Kusama or Polkadot tokens against their favourite projects. From the outset, SubQuery is built to integrate with any parachain with minimal configuration necessary.
SubQuery is already serving millions of data queries each day to over 60 projects on Polkadot & Kusama. Of its existing customer base, SubQuery is integrated with established applications like Subscan, Fearless Wallet and SubVis, as well as three out of the initial five Kusama parachain crowdloan winners: Acala’s Karura, Phala’s Khala, and Bifrost. The next five parachain crowdloans are scheduled to go live throughout the month of September.
This round of fundraising will accelerate SubQuery’s technical and community roadmap in 2021 and beyond. The team plans to decentralize and tokenize the protocol and build the SubQuery Network so they can onboard incentivised participants from around the world. SubQuery is also planning on improving and scaling their services as over 60 projects are already using its hosted services. Looking ahead, the team plans to integrate with other Layer 1 chains, including Solana, Terra, and others.
About SubQuery
SubQuery is a decentralized data aggregation, indexing & querying layer between Layer-1 blockchains and decentralized applications. The protocol abstracts away blockchain data idiosyncrasies with the SubQuery SDK, allowing developers to focus on deploying their core product without needlessly wasting efforts on custom backend technologies.
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Get started by building your own SubQuery project here.
Learn about the SubQuery Network protocol here.
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