Chainbase to Build Largest On-Chain Web3 Data Infrastructure, Completes $15M in Series A

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Sujha Sundararajan

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Sujha Sundararajan

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July 17, 2024

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Chainbase, an all-in-one data infrastructure for Web3, has secured $15 million in a Series A funding round, the announcement read.

The company aims to utilize the funding to build what it calls the world’s largest on-chain data infrastructure for Web3. Chainbase would also use it for the growth and adoption of the omnichain data network and artificial intelligence (AI) capabilities.

The Series A funding saw key participants from the industry, including Tencent Investment Group, Matrix Partners, Hash Global, among others.

Further, the fresh funding will play help in the development and launch of a pioneering first crypto world model. This will leverage the company’s data network to deliver “comprehensive intelligence across the crypto spectrum,” the statement read.

Chris Feng, Co-founder and COO of Chainbase said that the company is working to address the massive demand for scalable Web3 data.

“We are thrilled to have the backing of such esteemed investors and this will help us in expanding the horizons of what we’re building at Chainbase.”

Earlier, in September 2023, Chainbase partnered with TON Foundation to offer the first data indexing product on TON. The collaboration aimed to facilitate free utilization, querying, and analysis of all TON data.

Harry Man, Partner of Matrix Partners, one of the key investors said that Chainbase has proven rapid growth in its services to thousands of developers.

“Initially, Chainbase utilized chain abstraction to unify data across all chains,” he added. “With the rise of AI, we gradually realized that Chainbase’s years of accumulated on-chain data can significantly contribute to high-quality models, acting like alchemists to bring intelligence to the crypto space.”

Chainbase currently comprise of 80% of data scientists and has been focusing on data, AI integration within the crypto ecosystem. Besides, Chainbase offers application programming interface (API) services to help developers quickly access and utilize blockchain networks. Its APIs facilitate on-chain data queries.