Quick take:
- Rated Labs has raised $12.888 million in a Series A round led by Archetype.
- The fundraising also attracted participation from Placeholder, 1confirmation, Cherry, Semantic, Robot Ventures, Chorus One, Factor and Maelstrom, among others.
- The company will use the funds to expand its infrastructure and dataset services to multiple blockchains including Polygon and Solana.
Rated Labs has announced a $12.888 million funding round led by Archetype. The Series A round also attracted participation from previous investors Placeholder, 1confirmation, Cherry, and Semantic, while Robot Ventures, Chorus One, Factor and Maelstrom joined as new investors.
Archetype general partner Ash Egan has joined the Rated Labs board as part of his company’s leading role in the Series A round.
The Ethereum-based datasets oracle provider will use the fresh capital to scale to multiple blockchains including Polygon, Cosmos, Polkadot and Solana. The company has now raised more than $15 million, following the $2.5 million seed round announced in September last year.
According to Rated co-founder and CEO CEO Elias Simos, its product portfolio is unique, with only services offered by beaconcha.in and Metrika coming close to what it offers.
Its Ethereum Explorer helps users “to understand the current and historical health of Ethereum’s validator set, while the data API allows Ethereum developers and node operators to build reporting, monitoring and benchmarking products,” Simos told The Block.
The company is also taking steps to beef up the explorer and API with new features as it looks to enable real-time functionality for all the networks. “Down the line, we see playing a similar role in decentralized sequencer sets in Layer 2 networks,” Simos added.
Ethereum is the largest dApp network, with over 2,700 dapps. Recently, the network reached a milestone of $10 million in revenue faster than Meta (formerly Facebook) which took more than seven and a half years and Microsoft which took 19 years.
However, one recurring theme in the decentralised technology space is the need for multi-chain interoperability to address the diversity of mainstream industries looking to leverage the technology.
For instance, Polygon has become one of the most sought-after blockchains by mainstream brands looking to use NFT technology for customer loyalty programs.
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