SolanaFM, a Solana blockchain explorer and indexing provider has raised $4.5 million in a seed funding round led by Japanese financial services company & SBI Group’s Digital Asset Opportunity Fund.
The round also saw participation from venture capital firms including Zee Prime, Spartan Group, Mirana Ventures, Petrock Capital, K3 ventures, D1 Ventures, FT capital, 3Chaps, Etherscan and several angel investors.
The company plans to recent raise funds utilized to expand SolanaFM and invest in recruiting. In a funding round led by Etherscan and Coinhako in December, the startup also received an undisclosed sum.
“We built it solely because we felt there was an issue right there and we needed to fix it,” Rahman said. Rahman said that the indexer would be the primary way the startup earns money from indexing as a service.
“SolanaFM’s long-term goal is to develop a vertically-scaled service in Solana’s data space,” Solana says. We position ourselves as a simplistic product designer, unlike other players operating in a similar industry who are focused on carrying multi-chain perspectives right from the start, said Chen.
Founded in 2020 by 3 Singapore Management University undergraduates – Nicholas Chen (chief executive), Fathurrahman (chief operating officer) and Chen Bing Huang (chief technology officer).