SendBlocks Raises $8.2 Million in Seed Funding, Comes Out of Stealth to Streamline Blockchain Information Administration

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Tel Aviv, Israel, July 2, 2024, Chainwire

SendBlocks, a pioneering blockchain knowledge administration startup, in the present day introduced it has emerged from stealth mode with $8.2 million in seed funding led by Fort Island Ventures and participation from a number of institutional traders together with Pitango, Illuminate Monetary, Laser Digital (Nomura), Starkware, and outstanding ecosystem leaders.

SendBlocks makes accessing blockchain knowledge simple: the SendBlocks platform is totally customizable, permitting blockchain firms, ecosystems, protocols and functions to outline what knowledge is necessary to them and let SendBlocks do the work of sifting by the blockchain to search out crucial data.

As high-throughput blockchains emerge, elevated ease of use and decreased transaction prices are enabling many new use circumstances for blockchain-based functions. “Finally, we wish to create a actuality the place builders can entry the blockchain knowledge they need with no need a complete knowledge workforce or spending 1000’s of {dollars} for every knowledge want,” stated co-founder and CEO Itay Shrem.

Present purchasers (disclosed) embody Bancor and SphereX, who’re already benefiting from SendBlocks' progressive options, streamlining their operations and decreasing prices. As high-throughput blockchains turn into extra prevalent, SendBlocks is positioned to turn into the main knowledge administration platform.

The problem of managing knowledge in Web3

In conventional Web2 growth, backend engineers construct and entry databases immediately, however within the blockchain ecosystem, the blockchain itself acts because the backend and is accessed by RPC (NYSE:) calls. This creates two main challenges:

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  • Flexibility: As extra functions are constructed on blockchain, their knowledge necessities can even diversify. In different phrases, completely different organizations have completely different knowledge wants and other ways of processing and utilizing knowledge. Presently, there is no such thing as a answer that may present blockchain customers with precisely the knowledge they want and supply a personalised expertise like Web2. Presently, the way in which organizations remedy this downside is to spend so much of money and time constructing in-house knowledge administration options.
  • scale: To entry detailed blockchain knowledge, advanced indexers have been developed that constantly question the blockchain and monitor the information. Nevertheless, these providers wrestle to keep up efficiency when coping with blockchains that course of many transactions in a shorter time frame (also called high-throughput blockchains).

    • “Think about if Taylor Swift tickets went on sale and TicketMaster needed to deal with thousands and thousands of requests concurrently, inflicting the positioning to regularly crash as a result of the backend wasn't optimized for The Swifties,” Shrem explains. “The technical challenges of managing knowledge on a high-throughput blockchain are just like going from supporting ticket gross sales for smaller, lesser-known artists to with the ability to help the fixed demand for Taylor Swift,” he provides.

    Enter SendBlocks

    “We imagine you don't want an enormous knowledge workforce to get began on Web3, and that infrastructure prices ought to align along with your utility's consumer base, not blockchain throughput,” stated co-founder and CTO Michael Kellner. “Merely scaling the blockchain isn't sufficient; all the stack must be scalable to help the following technology of functions,” he added.

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    SendBlocks' progressive strategy tackles these challenges head on. Shrem and Kellner every spent greater than a decade at Talpiot and at the moment are making use of their expertise to constructing safe, resilient infrastructure.

    By consolidating conventional indexer/RPC processes right into a single user-friendly platform, SendBlocks goals to considerably cut back the backend and indexing effort for blockchain builders whereas remaining versatile and strong.

    Some easy use circumstances for the SendBlocks platform have already been game-changing for our purchasers, together with versatile historic knowledge entry and totally personalised notifications.

    By giving clients entry to all the pieces that occurs on-chain, SendBlocks saves builders billions of API queries and creates effectivity for knowledge groups, whatever the underlying blockchain.

    “Present knowledge administration options and indexers don't help high-velocity blockchain,” Shrem explains. “We're constructing with scale and ease of use in thoughts so the ecosystem can get pleasure from engagement and retention,” he provides.

    “By giving firms, ecosystems and protocols easy accessibility to on-chain knowledge, SendBlocks permits clients to save lots of tens of 1000’s of {dollars} per thirty days in growth prices and cut back time to market from months to weeks,” stated Sean Decide, common supervisor at Fort Island Ventures, which led the spherical. “With their backgrounds in cybersecurity and cryptography, Itai and Michael are the right duo to understand our imaginative and prescient of fixing the way in which firms handle blockchain knowledge,” he added.

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    SendBlocks will use the funding to proceed increasing its R&D workforce to help current and future purchasers, in addition to scale its advertising and gross sales efforts to draw prime protocols and ecosystems.

    Shrem and Kellner lead a nine-strong workforce hailing from well-known web2 firms resembling Microsoft (NASDAQ:), AWS, the Talpiot intelligence unit, and web3 organizations resembling Bancor and Algorand. Kellner has a Masters in Quantum Cryptography and Shrem focuses on community coding and safety.

    About SendBlocks

    SendBlocks is a pioneering blockchain knowledge administration startup simplifying entry to blockchain knowledge by a totally customizable platform. Popping out of stealth mode with $8.2M in seed funding led by Fort Island Ventures, SendBlocks is addressing the challenges of knowledge flexibility and scalability in high-throughput blockchain. By enabling enterprises, ecosystems, and functions to outline and entry the information they want, SendBlocks eliminates the necessity for big in-house knowledge groups or costly outsourced options for every knowledge level.

    contactCEOOmri HurwitzOmri Hurwitz Media[email protected]

    This text was first printed on Chainwire

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