News
SendBlocks Raises $8.2M in Seed Funding Round to Simplify Blockchain Data Management
SendBlocks, a blockchain data management company, announced that it has come out of hiding with $8.2 million in Seed funding. The round was led by Castle Island Ventures with several other institutional investors including Pitango, Illuminate Financial, Laser Digital (Nomura), Starkware, and ecosystem members.
SendBlocks aims to simplify access to blockchain data by offering a fully customizable platform that allows blockchain companies, ecosystems, protocols and applications to efficiently define and extract relevant data. The platform is designed to handle high-throughput blockchains, ensuring robust performance and scalability.
By giving customers access to everything that happens on-chain, SendBlocks helps developers save billions of API queries, resulting in reduced data team effort, regardless of the underlying blockchain.
“We want to create a reality where any developer can access any blockchain data they want, without needing an entire data team or spending thousands of dollars for each data point to do so,” said Itay Shrem, co-founder and CEO of SendBlocks. “Think about when Taylor Swift tickets go on sale and TicketMaster has to handle millions of requests at once, the site often crashes. That’s because the backend isn’t optimized for The Swifties. The technological challenge of managing data in high-throughput blockchains is like transitioning from supporting ticket sales for smaller, lesser-known artists to being able to support Taylor Swift demand, but at all times.”
The company was founded by Shrem and Michael Kellner, who serves as CTO. Each spent more than a decade in Israel’s Talpiot program, with Kellner earning a Master’s degree in post-quantum cryptography, while Shrem specializes in network coding and security. “It’s not enough to just scale the blockchain; the entire stack needs to scale to support the next generation of applications,” Kellner said.
“By providing businesses, ecosystems, and protocols with easy access to on-chain data, SendBlocks saves customers tens of thousands of dollars per month in development costs and reduces time to market from months to weeks,” added Sean Judge, General Manager of Castle Island Ventures. “Itay and Michael’s backgrounds in cybersecurity and cryptography make them the perfect duo to realize their vision of changing the way businesses manage their blockchain data.”
SendBlocks currently has a team of nine people from web2 companies like Microsoft, AWS, and Talpiot, as well as web3 companies like Bancor and Algorand. Existing customers already include Bancor and SphereX, among others that cannot be disclosed.