Last Updated on May 18, 2023
Quick take:
- Fluree has announced a $10 million Series A funding round led by SineWave Ventures.
- The company is building a web3 data management solution for enterprise organisations.
- Eve Atlas, Augment Ventures, Nanban Ventures, Wave Financial, and existing investors Good Growth Capital and Rise of the Rest also participated in the round.
Web3 data management and sharing startup Fluree has announced a $10 million funding round led by SineWave Ventures. The fundraising also attracted participation from Eve Atlas, Augment Ventures, Nanban Ventures, Wave Financial, and existing investors Good Growth Capital and Rise of the Rest.
The company offers a tech stack that includes a graph ledger database and data pipeline toolset used for trusted, interoperable, and secure data management and sharing. Fluree plans to use the fresh capital to ramp up the development of a data-centric infrastructure for its Web3 customers
The solution will enable new applications to leverage the power of digital trust in verifiable credentials, enterprise blockchain and decentralised data management. Fluree is also looking to use the funds to help enterprise organisations transition from legacy infrastructure into collaborative modern data platforms.
Developers can use Fluree’s Graph database technology to store and manage data in a decentralized and trusted format, enabling secure interoperable data exchange across parties.
Commenting on the announcement, Brian Platz, Fluree co-founder and CEO highlighted his company’s commitment to building data architecture for the modern enterprise.
“As we move from ‘data as a byproduct’ of applications to ‘data being the product,’ Fluree will provide best-in-class data infrastructure to service this shift. We believe data should be secure, interoperable, trusted, semantically linked and accessible,” added Platz.
The latest fundraising brings Fluree’s total capital raised to $16.5 million following its 2019 seed round of $6.5 million, which was led by 4490 Ventures.
Last September, the company also acquired the data management platform ZettaLabs, further expanding its offerings.
Vivek Ladsariya, SineWave Ventures’ general partner commented on his company’s leading role in the Series A round saying Fluree was at the vanguard of the current data and analytics landscape.
“Sinewave focuses on accelerating digital transformation and understanding that the status-quo, distributed-data landscape is rife with barriers to entry and value. We are excited to join forces with Fluree and build technology that moves data and analytics into a more secure, efficient and democratized market,” added Ladsariya.
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