Tel Aviv, Israel, July 2, 2024, Chainwire
SendBlocks, a pioneering blockchain data management startup, today announced it is emerging from stealth mode with $8.2 million in seed funding led by Castle Island Ventures with several other institutional investors including Pitango, Illuminate Financial, Laser Digital (Nomura), Starkware, and prominent ecosystem leaders.
SendBlocks makes accessing blockchain data simple. The SendBlocks platform is fully customizable, allowing blockchain enterprises, ecosystems, protocols, and applications to define the data they care about and let SendBlocks sift through the blockchain to find their most valuable data.
As high-performance blockchains emerge, many new use cases for blockchain-based applications become apparent thanks to improved usability and lower transaction cost. “At the end of the day, we want to create a reality where any developer can access any blockchain data they want, without needing a full data team or spending thousands of dollars for each data requirement to do so,” shares Itay Shrem, Co-Founder and CEO.
Current customers (whose data may be disclosed) include Bancor and SphereX, who have already benefited from SendBlocks’ innovative solution and have experienced streamlined operations and cost savings. With more and more high-performance blockchains emerging, SendBlocks is positioning itself to become the leading data management platform.
The challenges of data management in Web3
While in traditional Web2 development, back-end engineers create and access databases directly, in the blockchain ecosystem, the blockchain itself acts as a back-end, accessed via RPC calls (NYSE:). This creates two major challenges:
“Think about how when Taylor Swift tickets go on sale and TicketMaster has to handle millions of requests simultaneously, the site often crashes. That’s because the backend isn’t optimized for The Swifties,” Shrem explains. “The technological challenge of managing data on high-performance blockchains is like the transition from supporting ticket sales for smaller, lesser-known artists to being able to meet demand for Taylor Swift, but all the time,” he adds.
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“We believe that getting started on Web3 shouldn’t require an extensive data team and that infrastructure costs should be in line with the application’s user base rather than the performance of the blockchain,” says Michael Kellner, co-founder and CTO. “It’s not enough for Merley to scale the blockchain; the entire stack must be scalable to support the next generation of applications,” he adds.
SendBlocks’ innovative approach addresses these challenges head-on. Shrem and Kellner, who have each spent over a decade at Talpiot, now leverage their experience in building secure and resilient infrastructure.
SendBlocks aims to significantly reduce indexing and backend efforts for blockchain developers while maintaining flexibility and robustness by consolidating the conventional indexing/RPC process into a single, easy-to-use platform.
Some simple use cases of the SendBlocks platform have already been game-changers for customers, such as flexible access to historical data and fully customized notifications.
By giving customers access to everything happening on-chain, SendBlocks helps developers save billions of API queries, resulting in more efficient data teams, regardless of the underlying blockchain.
“Current data management solutions and indexers simply do not support fast blockchains,” Shrem explains. “We are building with scale and ease in mind to ensure ecosystems enjoy participation and retention,” he adds.
“By giving enterprises, ecosystems, and protocols easy access to on-chain data, SendBlocks enables customers to save tens of thousands of dollars per month in development costs and reduce time to market from months to weeks,” said Sean Judge, managing director at Castle Island Ventures, which led the round. “Itay and Michael’s backgrounds in cybersecurity and cryptography make them the perfect duo to realize their vision of changing the way enterprises manage their blockchain data,” he added.
With the funding, SendBlocks will continue to grow its R&D team to support existing and future customers, as well as expand its marketing and sales efforts to attract top protocols and ecosystems.
Shrem and Kellner lead a strong team of 9 people, all coming from renowned web2 companies such as Microsoft (NASDAQ:), AWS and the Talpiot intelligence unit, as well as web3 organizations such as Bancor and Algorand. Kellner has a master's degree in post-quantum cryptography and Shrem specializes in coding and network security.
About SendBlocks
SendBlocks is a pioneering blockchain data management startup that simplifies access to blockchain data through a fully customizable platform. Emerging from stealth mode with $8.2M seed funding led by Castle Island Ventures, SendBlocks addresses the challenges of data flexibility and scalability on high-performance blockchains. By enabling enterprises, ecosystems, and applications to define and access the data they need, SendBlocks eliminates the need for extensive in-house data teams or costly, outsourced solutions per data point.
ContactCEOOmri HurwitzOmri Hurwitz Media[email protected]
This article was originally published on Chainwire
