Blockchain infrastructure protocol SubQuery has raised $9 million in fresh funding aiming to enhance data aggregation for the Polkadot and Kusama ecosystems.
The Series A round was co-led by Arrington Capital, Stratos Technologies, and CoinDesk’s parent company Digital Currency Group (DCG). Participation in the round also came from Hypersphere Ventures, Neo Global Capital, Wintermute and Skynet Trading, according to a press release shared with CoinDesk on Wednesday.
“This round brings together key stakeholders into the Web 3 ecosystem, building toward SubQuery’s vision as fundamental data indexing infrastructure for all Polkadot and Kusama parachains and applications,” SubQuery said in its release.
Funding will go toward accelerating SubQuery’s technical and community roadmap with further plans to decentralize and tokenize the protocol as well as building a network to onboard global participants.
SubQuery is a decentralized data aggregation, indexing, and querying layer providing functionality between layer 1 blockchains and decentralized applications (dapps). The platform seeks to enhance user access to decentralized blockchain data by creating a marketplace for data indexing and provisioning.
Its technology aims to provide Polkadot and Kusama developers with tools to analyze on-chain data. SubQuery said it was serving “millions of data queries” to over 60 projects on Polkadot and Kusama every day.
“SubQuery is a critical part of the Polkadot stack and its deep relationships with leading Polkadot projects prove it,” said DCG’s director of investments, Matt Beck. “We are impressed by the team’s passion, knowledge, and dedication towards their work.”
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.