Blockchain API startup Dfuse raises $4.5 million CAD in oversubscribed funding

blockchain, smart contracts

Montreal-based Dfuse, a startup that aims to help web developers build high-performing applications through blockchain, announced it has raised $4.5 million CAD in an oversubscribed Seed round.

“We’ve delivered a powerful platform that is still only scratching the surface of its capabilities.”
– Marc-Antoine Ross

The round was led by Multicoin Capital, a thesis-driven crypto-fund and global blockchain thought leader, as well as Intel Capital. Diagram Ventures, a co-founder of Dfuse, also participated in the round, along with BoxOne Ventures, Panache Ventures, and White Star Capital. The new funds will be used to expand its cross-blockchain technology platform and grow its engineering and customer success teams.

Dfuse was founded in 2018 by Marc-Antoine Ross, Richard Reiner, Alexandre Bourget, and Mathieu Boulianne, with the support of Diagram Ventures. This $4.5 million represents the company’s first round of financing. The co-founders are all serial tech entrepreneurs, however, who have previously involved with companies like National Bank Financial, Unito, Intel Security, Fluent.ai, and Cybeats.

RELATED: Diagram Ventures raises $55 million CAD for second fund
 
“Every day, we are blown away by the quality of blockchain applications being built on top of Dfuse,” said Ross, co-founder and CEO of Dfuse. “With the support of Multicoin Capital and Intel Capital, we’re thrilled to bring this buttery-smooth dev experience to the most promising blockchain ecosystems. We’ve assembled a team of voracious learners that has built and delivered a powerful platform that is still only scratching the surface of its capabilities.”

The company aims to give developers open-source libraries for quick integration, a powerful block explorer, high uptime service-level agreements with web hosting companies, and technical support for businesses. Providing a Web3 data stack the company’s four flagship products, Stream, Lifecycle, Search, and On Demand Networks, were to designed to streamline the process for building blockchain apps with solid user experiences.

RELATED: UBC launches blockchain, distributed ledger program for graduate students
 
Dfuse Stream allows users to receive real-time updates reflecting the state of any table on the blockchain. Lifecycle looks to simplify the process of submitting transactions to the blockchain. Search enables developers to query the entire transaction history of the blockchain using a simple search language. On Demand provides dedicated on-demand blockchain environments for development, testing, or production, packed with a suite of Dfuse products.
 
“Dfuse equips developers with robust and reliable APIs to build modern, high-performance applications. Streaming data and search are two of the most powerful building blocks in modern applications. They are unlocking a massive, new design space,” said Kyle Samani, managing partner of Multicoin Capital.

“The Dfuse team has a proven track record of success in the space. We’re proud to back them and their company as they build out some of the most important components of the Web3 infrastructure,” he stated.

Isabelle Kirkwood

Isabelle Kirkwood

Writer, globetrotter, drone pilot & David Attenborough enthusiast