Quick take:
- The seed round was led by Redpoint Ventures.
- Mysten Labs and Howard University participated in the round.
- Funds will be used to accelerate development for its suite of Web3 tools.
Web3 infrastructure, Scale3 Labs, has raised $5.3 million in a seed round led by Redpoint Ventures, with participation from Mysten Labs and Howard University. The company is founded by former Coinbase engineers Karthik Kalyanaraman and Ola Muse.
The platform offers data and analytics of running nodes and is trying to solve the pain point of constant monitoring of nodes as their number increases. Operating nodes requires technical know-how and the operator needs quickly to solve problems that occur with a node to avoid losing time and money.
Scale3’s first product, Autopilot, aims to simplify and automate the process of standing up, monitoring and upgrading blockchain nodes to help reduce operational costs for node operators. Autopilot leverages open source tooling to provide node operators with blockchain node and network telemetry, community intelligence, and ecosystem specific insights.
“We know first-hand, the challenges of operating and managing node infrastructure at scale,” said Karthik Kalyanaraman, CTO of Scale3. “We are bringing our experience and knowledge to solve this problem and are leveraging best practices and best in class open source tools to reduce the total cost of operations for the industry.”
Besides offering data and analytics for running nodes, the startup is also adding monitoring and observability layers via a dashboard that gives node operators an overview of information regarding the blockchain community they work within as well as the tooling necessary to manage node upgrades seamlessly.
“Observability in web2 provides an incredibly valuable service. Scale3 has stepped up to provide a solution for the web3 community at a critical time,” said Investor at Redpoint, Urvashi Barooah. “The Scale3 team has expertise building observability tooling from their time at Coinbase, and now they are moving quickly to productize it for a broader market.”
The company plans to use the funding to accelerate development for its suite of web3 tools for blockchain node and network telemetry.
“We are building the web3 observability and monitoring platform for blockchain nodes and networks,” said Ola Muse, CEO of Scale3. “The DevOps for blockchain nodes are a challenge for every node operator, including exchanges, custodians, L1 foundations, staking providers, and node infrastructure providers. We have decades of infrastructure experience and are tackling this problem by building the much-needed standards and tools into our platform to simplify blockchain network and node operations.”
“Simplifying the operational processes associated with maintaining blockchain nodes is key to ensuring the smooth, reliable and scalable operation of decentralized networks,” said Chief Product Officer of Mysten Labs Adeniyi Abiodun. “We are pleased to partner with Scale3 and bring its powerful node monitoring and management tools to the Sui ecosystem.”
Scale3 Autopilot already supports the Sui blockchain network from Mysten Labs and plans to expand support for additional leading blockchain networks in Q4 2022.
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