$15 Million Investment Powers Chainbase’s Vision for Transparent On-Chain Data

Omnichain data network Chainbase announced today the successful completion of $15 million in a Series A funding round.

An impressive roster of investors participated in the funding round. Tencent Investment Group and Matrix Partners are among the notable participants.

Investors Back Chainbase’s Vision for a Decentralized Data Economy

Chris Feng, co-founder and COO of Chainbase, expressed his gratitude for this backing. He also acknowledged that the funding was one of the company’s most pivotal moments.

In a recent exclusive interview with BeInCrypto, Feng explained that the investors recognize the potential of Chainbase’s design and community-building efforts. This became an important factor in their decision to participate in this funding round.

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Chainbase serves as an open and transparent data interoperability layer for the artificial intelligence (AI) era. It aims to address the challenge of achieving transparency and fairness, which are often hindered by a few dominant companies’ centralized control of data. This centralization limits unbiased data access and incentives for human feedback, which is essential for AI evolution.

Chainbase’s omnichain data network offers a unified, versatile, open, modular, and interoperable solution to make on-chain data accessible to everyone. 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.

Inaccuracy Is One of the AI-Related Risks. Source: McKinsey

A recent report from McKinsey shows that inaccuracy is one of the most relevant risks for the organizational use of generative AI. Chainbase’s ability to provide high-quality, real-time data makes it an indispensable resource for various projects, including data analytics, security, DeFi, and wallets.

What’s Next for Chainbase?

Furthermore, the platform seeks to welcome millions of developers and retail users. The goals are to set up standard interactive interfaces for blockchain data and ensure that the value of this data is returned to its creators, those who uncover it, and the users who ultimately benefit from it.

“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,” Feng explained to BeInCrypto.

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

Despite the potential, Feng acknowledged some possible challenges ahead. He noted that the most significant 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.

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