Satsuma, a blockchain data indexing platform, has recently announced that it raised $5 million in a seed funding round. The seed round was co-led by Initialized Capital and Archetype and included OpenSea, Y Combinator, Homebrew and South Park Commons, among other investors. This funding will be used to further develop the platform and the team is staying lean in the near term.

The blockchain data indexing platform makes it easier for developers to search and analyze data stored on a blockchain, offering relevant insights, such as the total value locked of a DeFi protocol. While Satsuma relies on open-source technology from The Graph, it is not a decentralized protocol and works instead on a software-as-a-service model focused on custom APIs.

Satsuma is already delivering its services to clients such as Decentraland, Aragon and Syndicate, and according to co-founder and CEO Jonathan Kau, the startup’s revenue has grown 80% month-on-month over the past six months, despite the current market conditions. This growth is in line with the growing interest of developers in the crypto space, and their demand for better infrastructure.

Kau further explained that the computation of total value locked (TVL) is a pretty complex calculation to make which cannot be done directly on a blockchain, but it requires some additional processing to obtain the data.

The blockchain data indexing platform is looking to make its tooling as easy and fast as possible so that web3 developers can create web2-like consumer experiences with no performance issues. Looking forward, the Satsuma team is gearing up to introduce more decentralization into the platform, but with a focus on transparency, resilience, and reliability.



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