As per the latest reports, SubQuery has announced that it has successfully concluded a funding round. SubQuery has revealed that from the successful funding round, it has managed to generate a large number of funds. According to funding round details, SubQuery has successfully generated $9 million from the particular funding round.
SubQuery has also revealed what it plans to achieve from the successful funding round. The firm has revealed that with the raised funds, it is going to develop and launch the first-ever data aggregation layer, which will be decentralized in nature. The particular aggregation layer would be based on the ecosystem operated by Polkadot.
The firm has revealed that with the help of the funding round, it has managed to bring together several key stakeholders. All of these stakeholders will now become part of the Web3 Ecosystem. The firm revealed that its vision was always to work towards the development of fundamental data indexing infrastructure. SubQuery revealed that it wanted to achieve this for several applications as well as Kusama and Polkadot parachains.
SubQuery also announced that it aims to become a major source for the provisioning and indexing of data. For the firm, it is achievable through the launch of a vibrant marketplace, which would attract more users to the decentralized blockchain systems. Over time, the firm also wants to improve the access of the users to the particular networks.
SubQuery is known for creating and launching tools that are known for providing users the ability to easily explore data from the blockchain networks. Once explored, the users can then transform the data into simpler formats and then analyze it as per their requirements.
With the help of the tools launched by SubQuery, the users will no longer have to rely on manual data gathering. The data will be readily available for the users and all they would need to do is run it and use it as they please.
According to SubQuery, several investors contributed to the funding round, making it a huge success. SubQuery has revealed that the firms that led the funding round included Stratos Technologies and Arrington Capital.
There were many more venture firms that also participated in the funding round. Some of the participants included Skynet Trading, Wintermute, Neo Global Capital (NGC), and Hypersphere Ventures.
This is not the first round that SubQuery has held. Prior to holding the particular funding round, SubQuery had also conducted a seed funding round, which reportedly took place at the beginning of 2021.
The seed funding round was also a success for SubQuery, which recorded the participation of several funds in the particular round. Some of the most prominent firms from the particular funding round include Web3 Capital, P2P Capital, Digital Renaissance, The LAO, and DeFi Alliance.