SolanaFM Raises $4.5M in a Strategic Seed Funding Round
SolanaFM, a user-focused Solana blockchain explorer for simplifying transaction information, and reducing the complexity of money flow visualizations, raises $4.5M in a Strategic Seed Funding Round.
SolanaFM, a leading-edge Solana blockchain explorer offering indexing and analytical services, raises $4.5M in a Strategic Seed Funding Round. Led by SBI Group’s Digital Asset Opportunity Fund.
SolanaFM Raises $4.5M in a Strategic Seed Funding Round
The seed funding round that was spearheaded by SBI Group’s Digital Asset Opportunity Fund attracted the participation of top venture capital firms. Including Zee Prime, Spartan Group, Mirana Ventures, Petrock Capital, K3 ventures, D1 Ventures, FT capital, 3Chaps, and several angel investors. Previously in December 2021, SolanaFM managed to secure an important investment amount from a funding round led by Etherscan and Coinhako.
The funds raised will be utilized to enhance SolanaFM’s services and enlarge its manpower to meet increased responsibilities. The company currently manages a workforce of 25 staff. Who are mainly in the engineering team, with the remaining staff focused on growing the business.
SolanaFM Overview
The company works closely with protocols within the Solana ecosystem to index their data. Supports businesses outside the ecosystem such as banks and compliance companies to provide them with fast, equitable data.
SolanaFM have partnered with GameFi and DeFi companies like Genopets and Raydium. They are also working with the top 3 compliance companies worldwide to provide a suite of APIs for their monitoring services. Currently, the explorer has over 30 integrations that they launched in March. Fathurrahman, COO of SolanaFM attributed the large increase in their monthly active users due to its ever-growing innovativeness, friendliness and data accessibility that has attracted the interests of not only GameFi and DeFi companies, but also research and staking companies like Chorus One.
SolanaFM’s nascence motivates by one of the core problems in Solana. Which is that data is packaged efficiently albeit at the cost of its readability. The company aims to ameliorate this issue and absolve other pain points in existing explorers’ user experience. By offering a dynamically scalable and performant data extractor for human-readable data consumption for their consumers. SolanaFM envisions Solana to be the powerhouse for the widespread adoption of crypto into financial services. And therefore, its ergonomic explorer will enable and further empower Solana to be the first blockchain, adopt by the next batch of Web2 users.
Management Quote
Nicholas Chen, CEO of SolanaFM, on the company’s vision, “The long-term vision of SolanaFM is to build a vertically-scaled product in Solana’s data space. Unlike other players operating in the similar space. Who are focus on carrying multi-chain perspectives right from the beginning, we position ourselves as a simplistic product developer. The company is certain that the angle of creating a “Web 2.5″ product. Or what I would also describe as, simple products in Web3 made for Web2 user adoption, will be the result of true mass adoption. The company wants to make data as humanly readable as possible. When the time comes, the company will move on toward a multi-chain yet human-centric data approach.”
“The company is honoured to have these investment powerhouses backing us to spur the growth of SolanaFM both within and outside the ecosystem. With a fresh injection of financing from our latest round of investors. The company aims to expand our team to achieve better customer fulfilment rates, support significantly faster development lifecycles and serve Solana users the general-purpose data tools they deserve,” said Fathurrahman, COO of SolanaFM.
On 12 June 2022, SolanaFM released the latest upgrades to their explorer which included improved dashboards, accounts page and transaction flow updates. The company has also collaborated with protocols such as Bonfida, which integrates NFT trading and domains respectively into the explorer.
In the long run, SolanaFM aims to be the leading data infrastructure for Web3.0 that not only simplifies transaction information. But also reduces the complexity of money flow visualisations for various Web3.0 blockchain ecosystems.
About SolanaFM
SolanaFM Explorer is a user-focused Solana blockchain explorer for simplifying transaction information, and reducing the complexity of money flow visualizations.
SOURCE
https://www.newsfilecorp.com/release/134436
