Polkadot projects continue to be funded with increasing conviction by blockchain venture capitalists. The goal of SubQuery is to bring data indexing infrastructure to the network.
SubQuery, a decentralized data aggregator, has closed a $9 million funding round to build Polkadot’s first data aggregation layer, a move that could improve data indexing for the network’s emerging interoperability.
According to the company, the investment funds will be used to continue building SubQuery’s data indexing infrastructure for all Polkadot and Kusama applications. SubQuery also stated that the investment would aid in the expansion of its technical capabilities and the open-sourcing of its software.
This investment round was co-directed by the HyperSpheric Entry, NGC Venture, Wintermute, and Skynet Trading companies Arrington XRP Capital, the Digital Currency Group, Stratos Technologies. Prior to the Private Seed Round which was concluded in March this year, SubQuery successfully raised $1.8 million. DeFi Alliance, LAO and P2P Capital included seed investors. Investors included
SubQuery’s main goal is to increase access to blockchain data on Polkadot and Kusama by establishing new markets for data indexing and provisioning. SubQuery has the potential to become a critical infrastructure for all Polkadot parachains and applications, according to Arrington XRP Capital, which invested in the Moonbeam parachain. Parachains within the Polkadot network connect to one main blockchain, similar to the hub-and-spoke model seen in airports.
As Kusama began its sixth set of Parachain auctions on Sept, the Polkadot ecosystem has received significant attention late in its development. The parachain process involves users voting for projects by locking native Polkadot DOT tokens for a given term as a way to bootstrap their favorite initiatives.
Polkadot is a top ten crypto-monetary project with total market capitalisation of approximately 29 billion dollars. Even before Bitcoin (BTC) crash placed a flash damper on all crypto market, DOT has grown to nearly four months highs this week.