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Web3 startup SpiceAI raises $13.5 million to make data more accessible
Bitcoin and Ethereum are fully indexed - SpiceAI plans to launch Polygon in the next few weeks, followed by Solana Tim Porter, managing director of VC firm Madrona, will join the SpiceAI board along with Github CEO Thomas Dohmke SpiceAI, a Web3 startup that builds technology for developers to shape the future of intelligent applications, closed a $13.5 million seed round led by Madrona Venture Group. Other investors who have also bid on the startup's success include well-known Australian venture capital firm Blackbird Ventures, Basis Set Ventures, Founders' Co-op, Alumni Ventures Blockchain Fund, Joe McCann's new asymmetric fund, Picus Capital...
Web3 startup SpiceAI raises $13.5 million to make data more accessible
- Bitcoin und Ethereum sind vollständig indexiert – SpiceAI plant, Polygon in den nächsten Wochen zu starten, gefolgt von Solana
- Tim Porter, Geschäftsführer der VC-Firma Madrona, wird zusammen mit Github-CEO Thomas Dohmke dem SpiceAI-Vorstand beitreten
SpiceAI, a Web3 startup building technologies for developers to shape the future of intelligent applications, closed a $13.5 million seed round led by Madrona Venture Group.
Other investors who have also bid on the startup's success include prominent Australian venture capital firm Blackbird Ventures, Basis Set Ventures, Founders' Co-op, Alumni Ventures Blockchain Fund, Joe McCann's new asymmetric fund, Picus Capital and Protocol Lab. Angel investors participating in the round include XMTP co-founder Shane Mac and GitHub CEO Thomas Dohmke.
SpiceAI was founded in June 2021 by Microsoft and GitHub alumni Luke Kim and Phillip LeBlanc. The pair wanted to create better user experiences for Web3 applications in infrastructure and tools.
In an exclusive interview with Blockworks, Kim said that in the last decade there has been no way to get data in a well-structured, easy-to-understand format.
Currently, the SpiceAI platform is a query interface built into GitHub that allows developers to access data from protocols such as Sushiswap and Uniswap.
“We need the next layer of infrastructure to actually start building data-driven applications on top of it that bridge L-1s and the actual application,” Kim said.
“SpiceAI is building a developer-first platform to create artificial intelligence [and] machine learning-based applications that leverage time series data – a valuable but difficult data set for any company.”
Kim said the team has been working on its data product since January this year and released a preview of the product in April. SpiceAI currently has Bitcoin and Ethereum fully indexed – plans to launch Polygon in the next few weeks and Solana in the near future.
SpiceAI had previously raised $1.1 million pre-seed in October last year. The latest seed funding will be the startup's second fundraising since its inception and will enable SpiceAI to expand its engineering teams in Australia and the United States.
Aseem Datar, a partner at venture capital group Madrona, which invested in the company's pre-seed, said in a statement that SpiceAI "continues to impress us with the focus and pace of innovation as they build this infrastructure for Web3" by "delivering real-world insights from time series data across chains."
The latest fundraise brings Tim Porter, CEO of Madrona, to the board of SpiceAI along with GitHub CEO Thomas Dohmke.
“We see a tremendous opportunity for Spice AI to provide a developer-first framework and intelligent data sets that unlock insights into blockchain data and enable developers to build intelligent distributed Web3 applications,” Porter said in a statement.
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The post Web3 Startup SpiceAI Cooks Up $13.5 Million to Make Data More Accessible is not financial advice.