SendBlocks raises $8.2 million Seed round to streamline blockchain data management
The company is creating a platform that can handle Taylor Swift-levels of demand in the blockchain space. “The backend isn’t optimized for The Swifties,” says CEO
SendBlocks, a company that operates in the blockchain data management space, has announced that it has emerged from stealth 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 members of the ecosystem.
Full list of Israeli high-tech funding rounds in 2024
SendBlocks aims to simplify blockchain data access by offering a fully customizable platform that allows blockchain enterprises, ecosystems, protocols, and applications to define and extract relevant data efficiently. The platform is designed to handle high throughput blockchains, ensuring robust performance and scalability.
By providing customers access to anything happening on-chain, SendBlocks helps developers save billions of API queries, resulting in leaner data teams regardless of the underlying blockchain.
“We want to create a reality in which any developer can access any blockchain data they desire, without needing an entire data team or spending thousands of dollars per data need to do so,” said Itay Shrem, SendBlocks Co-founder and CEO. “Think of when Taylor Swift tickets go on sale and TicketMaster needs to handle millions of requests simultaneously, the site often crashes. That’s because the backend isn’t optimized for The Swifties. The technological challenge of data management in high throughput blockchains is like the transition from supporting smaller, less known, artist ticket sales to being able to support Taylor Swift demand, but all the time.”
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The company was founded by Shrem with Michael Kellner, who serves as CTO. Each of them spent more than a decade in Israel’s Talpiot program and Kellner holds a Masters in post-quantum cryptography, with Shrem specializing in network coding and security. “Merely scaling the blockchain isn't sufficient; the entire stack must be scalable to support the next generation of applications,” said Kellner.
“By providing enterprises, ecosystems, and protocols easy access to on-chain data, SendBlocks enables customers to save tens of thousands of dollars per month in development costs and reduce time to market from months to weeks,” added Sean Judge, General Partner of Castle Island Ventures. “Itay and Michael’s cyber-security and cryptographic backgrounds make them the perfect duo to deliver on their vision to change the way businesses manage their blockchain data.”
SendBlocks currently has a team of nine from web2 enterprises such as Microsoft, AWS, and Talpiot as well as web3 companies such as Bancor and Algorand. Existing clients already include Bancor and SphereX, among others who cannot be disclosed.
