Chainbase Raises $15 Million in Series A Funding to Advance Web3 On-Chain Data Infrastructure

Chainbase Raises $15 Million in Series A Funding to Advance Web3 On-Chain Data Infrastructure

Chainbase, a leading omnichain data network, has announced the successful completion of a $15 million Series A funding round. This achievement represents a significant milestone in the company’s mission to establish a robust on-chain data infrastructure for Web3.

Strong Investor Support for Chainbase’s Vision

The funding round attracted a distinguished group of investors, including Tencent Investment Group and Matrix Partners. Chris Feng, co-founder and COO of Chainbase, expressed his gratitude for the support, describing the funding as a pivotal moment for the company.

In an exclusive interview with BeInCrypto, Feng explained that the investors were drawn to Chainbase’s innovative design and its community-building efforts. These factors played a crucial role in their decision to back the company.

Pioneering an Open and Transparent Data Layer for AI

Chainbase aims to create an open and transparent data interoperability layer tailored for the artificial intelligence (AI) era. The platform addresses the challenge of ensuring transparency and fairness in data access, which is often restricted by the centralized control of a few dominant companies. Such centralization can impede unbiased data access and limit incentives for human feedback, both of which are essential for AI advancement.

Chainbase’s omnichain data network provides a unified, versatile, open, modular, and interoperable solution, making on-chain data accessible to all. Feng highlighted the critical need for accurate and up-to-date data for developers and projects, aligning with current concerns about generative AI’s risks.

A recent McKinsey report identified inaccuracy as a significant risk for organizations using generative AI. Chainbase’s capability to deliver high-quality, real-time data positions it as a vital resource for various applications, including data analytics, security, decentralized finance (DeFi), and digital wallets.

Future Plans and Challenges

Chainbase is committed to welcoming millions of developers and retail users, aiming to establish standard interactive interfaces for blockchain data. The platform seeks to ensure that the value of this data is returned to its creators, discoverers, and end-users.

“Our business is fundamentally built on on-chain data, and we aim to accelerate this process,” Feng told BeInCrypto. “We provide high-quality data, customized APIs, and AI capabilities for projects, developers, and end-users alike. Our goal is to encourage widespread on-chain development.”

Currently, Chainbase supports over 500 billion data calls, facilitating the production, processing, standardization, and modeling of crypto data. The platform’s ecosystem has grown to include more than 15,000 developers and 6,000 projects.

Despite its potential, Feng acknowledged the challenge of attracting more on-chain activities beyond trading and asset issuance. Nevertheless, he remains optimistic about the platform’s ability to foster high interaction volumes.

Looking ahead, Chainbase plans to launch its data network on the mainnet and attract more contributors in the second half of the year. The company aims to go live with its decentralized ecosystem by October or November and integrate with platforms like OpenStack.

This funding marks a crucial step in Chainbase’s journey towards revolutionizing data transparency and accessibility in the AI-driven Web3 landscape.