SolanaFM, a blockchain explorer and indexing provider for Solana, has managed to secure $4.5 million in a seed funding round. The seed funding was led by SBI Group’s Digital Asset Opportunity Fund and backed by other investors, including Spartan Group, Mirana Ventures, D1 Ventures, and Petrock Capital.
The news about the fund was announced by Solana FM on 26 August via a press release.
The second quarter of 2022 has witnessed a drastic decline in venture capital funding. So the secured funds are not just about good news for SolanaFM, but for the entire crypto ecosystem.
SolanaFM: A brief background
SolanaFM was founded in March 2021 by three Singapore Management University (SMU) undergraduates, Nicholas Chen, Bing Huang, and Fathur Rahman. The co-founders joined hands at the Solana hackathon to focus on infrastructure solutions for the Solana blockchain.
SolanaFM works closely with protocols within the Solana ecosystem to index its data. It supports businesses outside the ecosystem, such as banks and compliance companies, to provide them with fast, reliable data.
Previously, the company secured an undisclosed fund from Etherescan and Coinhaki in December.
What will SolanaFM do with the new fund?
The $4.5 million fund will be used to grow SolanaFM’s services and workforce of 25 people. Currently, the core team mostly consists of engineers and developers, and other teams focused on growing the business.
Solana FM is also planning to expand to the Aptos blockchain, alongside existing Solana services, according to the press release.