Reports said that Nxyz, a Web3 platform enabling data infrastructure for blockchains, has raised $40 million in Series A funding led by venture firm Paradigm with additional participation from Coinbase Ventures, Greylock Partners, and Sequoia Capital.
It has been reported that angel investors also participated, including Balaji Srinivasan, Jaynti Kanani, Jing Wang, Packy McCormick, Surojit Chatterjee, and Ryan Selkis.
However, according to Nxyz, the funds raised will be used to expand the company’s team, build support across emerging use cases and expand across different chains. The company will focus on expanding its team globally, across engineering and partnerships, and also onboard several more blockchains in the upcoming months.
The report said that the Web3 platform aims to empower builders, creatives and entrepreneurs to build a better internet by providing more efficient blockchain indexing and data infrastructure. The company claims its blockchain API provides real-time blockchain data in less than 200 milliseconds.
Likewise, the platform, built by engineers behind Google and Neeva’s distributed systems, works by ingesting data directly from blockchains and their associated applications in real time, giving developers an API suite to easily use blockchain data. The company says its infrastructure and throughput capacity is beneficial to applications like crypto wallets and nonfungible token projects.
Sridhar Ramaswamy, the CEO of Nxyz, said that the platform was created to enable developers to focus on building at scale while having a simpler and faster method of indexing the data they need. In his opinion, this is the type of innovation the industry needs to ensure widespread adoption and success.
Since the platform’s inception earlier this year, Nxyz has onboarded beta customers and processed over 5 billion transactions across Ethereum, Polygon, Binance, Avalanche, Arbitrum, and Optimism.
Thus, Web3-focused projects continue to raise significant capital despite current bear market conditions. Investors and asset managers have also recognized the growing shift toward Web3 companies and applications. As reported, asset manager Bitwise recently launched a dedicated exchange-traded fund for Web3 investments.