Burnaby startup Vybe Network has raised a $13.1 million CAD ($10.5 million USD) Series A round led by cryptocurrency exchange FTX.
The financing also saw participation from Staking Facilities, Serum, Panony, Tess Ventures, Contango, Canonical Crypto Fund, EBT Group, and Sino Global, which was an investor in Vybe’s $2.5 million seed round in January as well.
“We’ve seen an unprecedented industry need for an infrastructure like Vybe as new innovations in this space are rapidly evolving.”
– Arun Dass
Launched in the summer of 2021 by co-founders Arun Dass (CEO) and Eoin Brady (COO), Vybe provides software and infrastructure that allows users to access and use both real-time and historical data from the Solana blockchain. The company’s suite of offerings includes the Vybe app and Serum Analytics.
Vybe said one of the key components in its product line is data indexing, where anyone can host and provide data.
“We’ve seen an unprecedented industry need for an infrastructure like Vybe as new innovations in this space are rapidly evolving,” said Dass. “This funding will accelerate the delivery of our product, advance developers in experiencing more empowerment and fuel participation in the community.”
Used mostly by developers creating DeFi and Web3 apps, Vybe said this new funding is earmarked to aid in the decentralization of data access and storage, enabling any user—regardless of background or proficiency–to participate in the network, and monetize on sharing their data.
Vybe joins a growing number of Canadian companies that offer data infrastructure solutions for Web3 platforms.
One such example is Montréal-based Dfuse, which rebranded to StreamingFast last year as it pivoted its business to supporting a blockchain infrastructure project called The Graph. StreamingFast also secured a $73.5 million CAD grant from The Graph Foundation, which supports the growth of The Graph, a network that serves as a searchable index of blockchain data.
On the venture capital side, Round13 Capital unveiled a new $70 million USD fund last month, which aims to support blockchain and Web3 infrastructure companies.
Featured image from Solana’s website.