Chainbase Raises $15M

Chainbase has successfully raised $15 million in a Series A funding round to innovate on-chain data networks. The funding saw participation from notable investors such as Tencent and Matrix Partners, showcasing strong support for Chainbase’s mission.

Chris Feng, co-founder and COO of Chainbase, expressed gratitude for the investor support, calling it a pivotal moment for the company. In an interview with BeInCrypto, Feng highlighted that investors see great potential in Chainbase’s design and community-building efforts, which were crucial in their decision to invest.

Chainbase aims to serve as an open and transparent data layer for the AI era, addressing challenges of transparency and fairness hindered by centralized control of data by a few dominant companies. This centralization limits unbiased data access and incentives for human feedback, essential for AI development. Chainbase’s omnichain data network offers a unified, versatile, and open solution to make on-chain data accessible to all.

Feng emphasized the importance of accurate and fresh data for developers and projects. This aligns with the current risks associated with artificial intelligence, particularly generative AI. A recent McKinsey report highlighted inaccuracy as a significant risk for organizational use of generative AI. Chainbase’s ability to provide high-quality, real-time data makes it crucial for various projects, including data analytics, security, DeFi, and wallets.

The platform aims to attract millions of developers and retail users by setting up standard interactive interfaces for blockchain data. The goal is to return the value of this data to its creators, discoverers, and end-users. Feng explained, “All our business is based on on-chain data, so we want to accelerate this process. That’s why we offer high-quality data, customized APIs, and AI capabilities not only for projects and developers but also for end-users. We want to attract everyone to build on-chain.”

Chainbase currently supports over 500 billion data calls, facilitating crypto data production, processing, standardization, and modeling. The platform’s ecosystem includes more than 15,000 developers and 6,000 projects.

Despite its potential, Feng acknowledged the challenges ahead. He noted that the biggest challenge for Chainbase and the industry is attracting more activities on-chain beyond trading and asset issuance. However, he is confident that the platform can attract a high volume of interaction applications.

Looking forward, Feng shared plans for the second half of the year, including launching the data network on the mainnet and attracting more contributors. Chainbase also aims to launch its decentralized ecosystem by October or November and integrate with platforms like OpenStack.

In summary, Chainbase’s recent $15 million funding round is a significant step in its mission to revolutionize on-chain data networks. With robust support from notable investors and a clear vision for the future, Chainbase is well-positioned to tackle the challenges of data transparency and fairness in the AI era. As the platform continues to grow, it will play a crucial role in the evolving landscape of blockchain technology and data interoperability.