SubQuery Announces US$9 Million Funding Round For Decentralized Data Protocol For The Polkadot Ecosystem

September 08, 2021 at 04:30 AM EDT

SubQuery announces a US$9M funding round for the first decentralized data aggregation layer for the Polkadot ecosystem. This round brings together key stakeholders into the Web3 Ecosystem, building toward SubQuery’s vision as fundamental data indexing infrastructure for all Polkadot and Kusama parachains and applications.

SubQuery aims to improve access to decentralized blockchain data by creating a vibrant marketplace for data indexing and provisioning. Its technology provides Polkadot and Kusama developers with the tools needed to easily explore, transform and analyse on-chain data. As a result, blockchain developers can focus on product development and user experience rather than building their own querying systems.

This strategic round was co-led by Arrington Capital, DCG and Stratos Technologies, and included participation from Hypersphere Ventures, Neo Global Capital (NGC), Wintermute and Skynet Trading.

Arrington Capital believes SubQuery will become a core piece of infrastructure for all parachains and applications. Partner Ninor Mansor commented on the firm’s thesis for SubQuery; “SubQuery makes it easier to build. It scales to all parachains and could catalyze the next boom in activity on Polkadot & Kusama”.

Matt Beck, Director of Investments at DCG reinforced this view by stating; “SubQuery is a critical part of the Polkadot stack and its deep relationships with leading Polkadot projects prove it.”

Polkadot’s parachain architecture is a key differentiator from other Layer 1 blockchains. In contrast to competing single chain designs, each parachain serves as its own independent protocol, interoperating with other parachains through a common relay. To win a slot on the relay chain, parachains raise capital from the community via a crowdloan campaign, which requires participants to stake -- for the long term -- native Kusama or Polkadot tokens against their favourite projects. From the outset, SubQuery is built to integrate with any parachain with minimal configuration necessary.

SubQuery is already serving millions of data queries each day to over 60 projects on Polkadot & Kusama. Of its existing customer base, SubQuery is integrated with established applications like Subscan, as well as Kusama parachain crowdloan winners: Acala’s Karura, Phala’s Khala, and Bifrost.

This round of fundraising will accelerate SubQuery’s technical and community roadmap in 2021 and beyond. The team plans to decentralize the protocol by onboarding strategic external data service providers. Looking ahead, the team plans to integrate with other Layer 1 blockchains, including Solana, Terra, and others.