Blockchain
SendBlocks Raises $8.2M in Seed Funding to Simplify Blockchain Data Management
Tel Aviv, Israel, July 2, 2024, Chainwire
SendBlocksa 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 leading ecosystem leaders.
SendBlocks makes it easy to access blockchain data. The SendBlocks platform is completely customizable, allowing blockchain companies, ecosystems, protocols, and applications to define the data that matters to them and let SendBlocks sift through the blockchain to find their nuggets.
With the emergence of high-throughput blockchains, many new use cases for blockchain-based applications are becoming apparent due to improved usability and lower transaction costs. “At the end of the day, we want to create a reality where any developer can access any blockchain data they want, without needing an entire data team or spending thousands of dollars for each data point to do so,” he says. Italy ShremCo-founder and CEO.
Existing customers (who may be disclosed) include Bancor and SphereX who have already benefited from SendBlocks’ innovative solution, experiencing simplified operations and cost savings. As more and more high-throughput blockchains emerge, SendBlocks is positioning itself to become the leading data management platform.
The challenges of data management in web3
While in traditional web2 development, backend engineers create and access databases directly; in the blockchain ecosystem, the blockchain itself acts as a backend, which is accessed via RPC calls. This presents two main challenges:
- Flexibility: The growing number of blockchain-based applications leads to different data requirements. In other words, every organization has different data needs and different ways in which data is processed and used. Currently, there is no solution that provides the exact information needed for blockchain users that offers a personalized Web2-like experience. The way organizations currently solve this problem is to spend a lot of time and money building in-house data management solutions.
- Stairs: To access detailed blockchain data, complex indexers are developed to continuously query the blockchain and keep tabs on the data. However, these services struggle to maintain performance when dealing with blockchains that process more transactions in shorter periods of time (i.e., high-throughput blockchains).
“Think about when Taylor Swift tickets go on sale and TicketMaster has to handle millions of requests at once, the site often crashes. That’s because the backend isn’t optimized for The Swifties,” Shrem explains. “The technological challenge of managing data in high-throughput blockchains is like transitioning from supporting ticket sales for smaller, lesser-known artists to being able to support Taylor Swift demand, but all the time,” he adds.
Enter SendBlocks
“We believe that getting started with web3 should not require a large data team and that infrastructure costs should be aligned with the application’s user base rather than blockchain throughput,” he says. Michael KellnerCo-founder and CTO. “Merley doesn’t just scale the blockchain; the entire stack needs to scale to support the next generation of applications,” he adds.
SendBlocks’ innovative approach addresses these challenges head-on. Shrem and Kellner, who each spent more than a decade at Talpiot, are now leveraging their expertise in building secure, resilient infrastructure.
SendBlocks aims to significantly reduce backend and indexing efforts for blockchain developers, while maintaining flexibility and robustness, by consolidating the conventional indexer/RPC process into a single, intuitive 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 that happens on-chain, SendBlocks helps developers save billions of API queries, resulting in reduced data team effort, regardless of the underlying blockchain.
“Current data management solutions and indexers simply don’t support fast blockchains,” Shrem explains, “we are developing with scalability and simplicity in mind to ensure ecosystems enjoy engagement and loyalty,” he adds.
“By providing businesses, ecosystems, and protocols with easy access to on-chain data, SendBlocks saves customers tens of thousands of dollars per month in development costs and reduces time to market from months to weeks,” said Sean Judge, managing director of Castle Island Ventures, who led the round. “Itay and Michael’s backgrounds in cybersecurity and cryptography make them the perfect duo to execute on their vision of changing the way businesses 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 9-person strong team, all from well-known web2 companies like Microsoft, AWS, and Talpiot intelligence unit, as well as web3 organizations like 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. Coming out of stealth mode with $8.2M in seed funding led by Castle Island Ventures, SendBlocks addresses the challenges of data flexibility and scalability in high-throughput blockchains. By enabling businesses, ecosystems, and applications to define and access the data they need, SendBlocks eliminates the need for large in-house data teams or expensive outsourced solutions per data point.
Contact
CEO
Omri Hurwitz
Omri Hurwitz Media
omri@omrihurwitz.com
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