Chainbase, a blockchain data network developer, has raised $15 million in a Series A funding round.
Tencent Investment Group and Matrix Partners China co-led the round, Chainbase said Thursday. Other investors included Folius Ventures, Hash Global, JSquare, Mask Network and Bodl Ventures.
The round was structured as equity with token warrants and closed in the fourth quarter of last year, Chainbase co-founder and chief operating officer Chris Feng told The Block. He declined to comment on the valuation.
As part of the deal, Tencent Investment Group and Matrix Partners China have each received a board seat at Chainbase, Feng said. The round brings Chainbase's total funding to $18 million, following a previous $3 million raised in seed and angel rounds, Feng added.
Chainbase describes itself as an omnichain data network that consolidates all blockchain data into a single platform, making it easier for developers to access and use for building and maintaining applications.
"Our innovations include a real-time data lake for blockchain-generated data flow and 'manuscripts,' the crypto industry's pioneering data format standard," said Feng. "Leveraging petabyte-level data within our network, we're pioneering purpose-designed foundational models for crypto. This initiative transforms static on-chain data into dynamic, intelligent models, unlocking substantial new value and expanding the market's potential."
Chainbase said its data network supports over 15,000 developers and 8,000 projects and manages over 500 billion data calls. Currently, the network is available for projects with a whitelist, while the decentralized version is in the testnet phase, Feng said.
Harry Man, partner of Matrix Partners China, said in a statement that with the rise of artificial intelligence, Chainbase's years of accumulated on-chain data "can significantly contribute to high-quality models, acting like alchemists to bring intelligence to the crypto space."
The Chainbase network mainnet and its governance token, CBT, are expected to go live in the fourth quarter of this year, Feng said. The token will be used to reward Chainbase contributors and users, including data providers, node operators and early adopters, he added.
With fresh funding in place, Chainbase "will be investing heavily" in building local communities across major crypto hubs globally over the next six months, Feng said. He added that it will allow Chainbase to better engage with developers, users and other stakeholders on the ground, improving awareness and adoption of its network.
Chainbase currently employs about 40 people, and Feng said he plans to selectively hire more staff based on evolving needs.
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