- Sridhar Ramaswamy’s web3 startup has emerged from stealth with a $40 million Series A round led by Paradigm.
- The former Google ads executive is building a web3 platform that enables lightning-fast data infrastructure for blockchains.
- The fundraising also attracted participation from Coinbase Ventures, Greylock Partners, and Sequoia Capital, among others.
Nxyz has emerged from stealth with a $40 million funding round led by Paradigm. The company wants to ramp up the development of its web3 platform that enables lightning-fast data infrastructure for blockchains.
The company was founded by former Google head of advertising Sridhar Ramaswamy. Nxyz also announced backing from Coinbase, Sequoia and Greylock.
The fundraising also attracted participation from prominent web3 angel investors like Balaji Srinivasan, Jaynti (JD) Kanani, Jing Wang, Packy McCormick, Surojit Chatterjee, and Ryan Selkis among others.
Web3 is described as a next-gen internet that leverages blockchain technology, decentralised applications, artificial intelligence, and AR/VR to democratise the web. The burgeoning industry has emerged as one of the fastest-growing sectors in the technology space.
The shift to web3 is playing a crucial role in onboarding mainstream brands to the blockchain. Several companies have jumped on the web3 train by launching non-fungible token (NFT) projects or buying digital land in the metaverse.
Others have targeted decentralised finance products, digital payment applications and protocols powering transactions on web3.
Data from all these applications are then used by developers, marketplaces and brands to identify market needs and build better products. However, platforms responsible for supplying that kind of infrastructure are limited. That’s the gap Nxyz wants to plug.
The company “aims to empower a new generation of builders, creatives, and entrepreneurs [by ingesting] data directly from blockchains and their associated applications in real-time, giving developers a performant API suite to easily use blockchain data.”
Commenting on the fundraising, Sridhar Ramaswamy, Nxyz CEO said: “I’m thrilled to introduce Nxyz to the world and to see the potential it will unlock for blockchain innovation. We created Nxyz so that developers can focus on building at scale, and have a fast and simple method for indexing the data they need. I’m convinced this is exactly the kind of innovation needed to help ensure the widespread adoption and success of web3.”
Nxyz claims that its platform’s lightning-fast blockchain API provides real-time blockchain data within less than 200 milliseconds. Nxyz’s high scalability is perfect for heavy web3 projects like crypto wallets and non-fungible tokens. These applications process multiple transactions at a time.
The company has already onboarded some of the biggest blockchain platforms and processed over 5 billion transactions across Ethereum, Polygon, Binance, Avalanche, Arbitrum, and Optimism.
Matt Huang, Co-founder and Managing Partner at Paradigm commented: “Web3 developers today lack a fast, flexible, and reliable infrastructure to support their applications, which holds the industry back from widespread adoption. “Nxyz has a truly superlative team that has built the best data indexing infrastructure for web3, and we at Paradigm are thrilled to support them.”
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