Satsuma, a platform for indexing on-chain data, raised $5 million in a seed round led by Initialized Capital and Archetype.
1/ We’re very excited to announce our $5M seed round co-led by @Initialized and @archetypevc, with participation from @opensea @ycombinator @homebrew @southpkcommons.
See @Yogita_Khatri5‘s article on @TheBlock__: https://t.co/3UUOhZJezA
— Satsuma (@satsumaxyz) April 4, 2023
Among other investors: OpenSea, Y Combinator, Homebrew and South Park Commons.
Co-founder and CEO Jonathan Kau noted that the company was founded in March 2022 and closed the funding round in May. The startup did not rush to announce the funding, focusing on developing the platform.
Satsuma simplifies the search and analysis of blockchain data stored, helping developers gain a deeper understanding of a project, for example, its total value locked (TVL).
“TVL is a fairly complex calculation. You can’t simply call some function in the blockchain directly and get an answer right away. To compute this data, you need to perform some processing,” added Kau.
The platform uses open-source technology from the DeFi indexing protocol The Graph. However Satsuma remains a private company with a software-as-a-service business model.
The service receives from its clients requests for specific network data, and then processes them and converts them into user-facing API.
Among the startup’s partners are Decentraland, Aragon and Syndicate.
Kau also noted that Satsuma’s revenue over the last six months grew by about 80%, despite difficult market conditions.
“We want to make our tools as simple and fast as possible so that developers Web3 can work much more efficiently and create a user experience similar to Web 2.0,” he added.
In late March, the Berlin DEX-aggregator Li Finance attracted $17.5 million in a funding round led by CoinFund and Superscrypt.