Vybe Network, a data infrastructure solution on Solana, raises $10.5 million in a Series A funding round led by FTX.
The Vybe Network series A funding also received participation from Sino Global, Staking Facilities, Serum, Panony, Tess Ventures, Contango, Canonical Crypto Fund and EBT Group.
In January, Vybe Network raised $2.5 million seed funding round from leading venture capital firms and angel investors. The seed round was co-led by Lemniscap, Alameda Research, and Sino Global Capital. The round also had participation from Inscribed, SVC, Zokyo, Switchboard, Chris McCann (early Solana & FTX investor), and other angel investors.
Vybe Network has raised a total of $13 M in funding over 2 rounds.
What Vybe Network does?
Launched in 2021, Vybe Network allows Solana blockchain users to access, index and exchange on-chain data to build Web3 dApps and analytics.
In simple words, Vybe provides the infrastructure allowing real-time and historical data from the Solana blockchain to be queried and analyzed so that meaningful insights and metrics can be extracted from protocols.
Vybe helps build user-friendly and accessible applications and supports Web3 and DeFi projects with permissionless and transparent data, allowing anyone to access and benefit from on-chain data.
Vybe Network Series A Funding
A key component of Vybe is data indexing, where anyone can host and provide data to the network in a permissionless and transparent manner. The latest funding comes on the heels of significant growth at Vybe. The company’s products include the VYBE app and Serum Analytics.
Commenting on the fundraise, Arun Dass, CEO and Founder of Vybe, said:
“We’ve seen an unprecedented industry need for an infrastructure like Vybe as new innovations in this space are rapidly evolving. This funding will accelerate the delivery of our product, advance developers in experiencing more empowerment and fuel participation in the community.”
In a press release shared with AlexaBlockchain, the company said that it will use this new funding to aid in the decentralization of data access and storage, allowing any user – regardless of background or proficiency – to participate in the network, monetize and share their data, power innovative dApps and gain insights into favored Solana protocols.
Brian Lee, Partner at FTX, said:
“Vybe Network has a proven track record of delivering the highest quality data, analytics and querying infrastructure on high performance blockchains and we are excited to partner with them on their next generation of products.”
The infrastructure is the building block that makes the user experience possible and serves as a vital link between the blockchain and user-facing dApps or marketplaces.
Building on its existing technology, the startup said that it will enable customers enhance their existing expertise while also benefiting from fresh advancements in blockchain technology.
Louis Bauer, Co-Founder at Staking Facilities, said:
“Markets are volatile, trends will shift, but critical infrastructure will always be in demand. Vybe is delivering that key infrastructure for querying on-chain data on Solana. We are excited to back such a driven team and will support their future endeavors.”
Vybe aims to become a prominent data provider and infrastructure component of the Solana ecosystem, where users may engage as data providers or use on-chain data to create analytics or data-intensive dApps.
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