The funding aims to advance Syntropy’s vision of leading the data infrastructure market and building new features to its platform.
Syntropy, a blockchain-based on-chain data infrastructure provider, announced a new line of funding from some of the top venture capitals in the blockchain space. The funding will be used to advance development and innovation within the platform and to build new solutions for its users.
According to the team statement, the additional funding round follows two previous capital-raising events. The company raised $5 million in its seed funding round, followed by a supplementary capital raise of $4 million in May 2023. The latest capital raise figure remains undisclosed. Funding was led by CMCC Global, with several high-ranking VCs such as Polygon Ventures, HV Capital, Faculty Group, Wave Capital, Moonrock Capital, DVNCI Capital, TRGC Capital, Mapleblock Capital, AntAlpha, and Public Works also participating in the funding.
Syntropy is a Web 3 data infrastructure provider that aims to deliver scalable and fast on-chain data across DeFi protocols, applications and enterprises. The platform’s latest capital raise is in line with improving its data infrastructure solutions and building its modular, interoperable data infrastructure across all major chains.
On its investment in Syntropy, CMCC Global Co-Founder Charlie Morries praises the solutions provided by Syntropy stating:
“They’re innovating in providing web3 data streaming services that allow developers and enterprises to build responsive, data-driven products. Syntropy will be an important enabler of the next wave of web3 applications and we are excited to be supporting such a passionate team.”
The capital injection also is aimed at ensuring the platform’s smooth mainnet launch, scheduled to be released later in Q2 this year.
A shared vision in the data infrastructure space
Adding to the monetary benefits, the funding round also brings together a host of experienced Web 3 firms to one table, a network that will improve developmental efforts in Syntropy. The data infrastructure company will leverage the expertise of its investors, creating new strategies on how to advance its role in the Web 3 ecosystem.
“We’re thrilled to welcome this acclaimed group of blockchain investors to Syntropy,” Syntropy CEO Daniel Haudenschild said during the announcement. “Their deep expertise and networks will be invaluable as we scale Syntropy’s layer1 data streaming blockchain.”
The investors aim to extend Syntropy’s vision of creating a real-time, chain-agnostic data infrastructure platform. All this is to solve one of the biggest challenges facing Web 3 today – accessing reliable, low-latency on-chain data across different blockchains. With the extra cash in the bag, the company’s technology is validated, with another Series A funding planned for later this year.
“As the blockchain ecosystem matures, the ability to amalgamate, interact and retrieve on-chain data is becoming an increasingly important primitive for scaling.,” Yaroslav Writtle, Partner at Faculty Group, said. “To this end, Syntropy provides real-time, decentralized data services that lay the foundations for the development of more sophisticated on-chain use cases.”