Satsuma, a blockchain data indexing platform, has announced that it has raised $5 million in a seed funding round jointly led by Initialized Capital and Archetype. Other investors include OpenSea, Y Combinator, Homebrew and South Park Commons.
Satsuma Raises $5 Million in a Seed Round
Satsuma was founded in March last year and closed a round in May. The startup was waiting to announce an equity round as it focused on building its platform. Satsuma makes it easy to search and analyze data stored on the blockchain, giving developers greater insight into their data, including total value of DeFi protocols.
The platform uses open-source technology from The Graph, a breakthrough decentralized protocol for querying and indexing data from blockchain networks. However, the startup is a business entity using a software-as-a-service model, not a decentralized protocol. Satsuma gets the exact information from customers about the blockchain data they need and processes the data in the form of custom APIs. Its clients include Decentraland, Aragon and Syndicate.
“We want to make our tooling as easy and fast as possible so that web3 developers can move much faster and create web2-like consumer experiences,” co-founder and CEO Jonathan Kau said.
According to Kau, over the past six months, despite the current difficult market conditions, developer interest in cryptocurrencies remains strong and demand for better infrastructure has led the company’s revenue to rise from the previous month by about 80%. Satsuma currently has five employees and plans to be lean in the short term and grow in the long term.
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