SolanaFM, a Solana blockchain explorer offering indexing and analytical services, recently announced that it has “secured $4.5 million in a seed funding round led by SBI Group’s Digital Asset Opportunity Fund.”
The seed funding round that was led by SBI Group’s Digital Asset Opportunity Fund and attracted the participation of venture capital firms “including Zee Prime, Spartan Group, Mirana Ventures, Petrock Capital, K3 ventures, D1 Ventures, FT capital, 3Chaps, and several angel investors.”
In December 2021, SolanaFM secured capital from an investment round led by Etherscan and Coinhako.
The funds raised will be used “to enhance SolanaFM’s services and enlarge its manpower to meet increased responsibilities.” The company currently “manages a workforce of 25 staff who are mainly in the engineering team, with the remaining staff focused on growing the business.”
SolanaFM is a blockchain explorer that “provides many services beyond the typical explorer.”
The company works closely “with protocols within the Solana ecosystem to index their data, and supports businesses outside the ecosystem such as banks and compliance companies to provide them with fast, equitable data.”
SolanaFM have partnered “with GameFi and DeFi companies like Genopets and Raydium and they are also working with the top 3 compliance companies worldwide to provide a suite of APIs for their monitoring services.”
Currently, the explorer “has over 30 integrations that they launched in March.”
Fathurrahman, COO of SolanaFM attributed the large increase in their monthly active users to its innovativeness, friendliness and data accessibility that has “attracted the interests of not only GameFi and DeFi companies, but also research and staking companies like Chorus One.”
SolanaFM’s launch was “motivated by one of the core problems in Solana, which is that data is packaged efficiently albeit at the cost of its readability.”
The company aims to address this issue and other pain points in existing explorers’ user experience by “offering a dynamically scalable and performant data extractor for human-readable data consumption for their consumers.”
SolanaFM envisions Solana “to be the powerhouse for the widespread adoption of crypto into financial services and therefore, its ergonomic explorer will enable and further empower Solana to be the first blockchain adopted by the next batch of Web2 users.”
Nicholas Chen, CEO of SolanaFM, said:
“The long-term vision of SolanaFM is to build a vertically-scaled product in Solana’s data space. Unlike other players operating in the similar space, who are focused on carrying multi-chain perspectives right from the beginning, we position ourselves as a simplistic product developer. The company is certain that the angle of creating a “Web 2.5″ product, or what I would also describe as, simple products in Web3 made for Web2 user adoption, will be the result of true mass adoption. The company wants to make data as humanly readable as possible. When the time comes, the company will move on toward a multi-chain yet human-centric data approach.”
Fathurrahman, COO of SolanaFM, added:
“The company is honoured to have these investment powerhouses backing us to spur the growth of SolanaFM both within and outside the ecosystem. With a fresh injection of financing from our latest round of investors, the company aims to expand our team to achieve better customer fulfilment rates, support significantly faster development lifecycles and serve Solana users the general-purpose data tools they deserve,”
On 12 June 2022, SolanaFM released “the latest upgrades to their explorer which included improved dashboards, accounts page and transaction flow updates.” The company has also collaborated with protocols “such as Bonfida, which integrates NFT trading and domains respectively into the explorer.”
In the long run, SolanaFM aims “to be the leading data infrastructure for Web3.0 that not only simplifies transaction information but also reduces the complexity of money flow visualizations for various Web3.0 blockchain ecosystems.”