Singapore-based data analytics firm Solscan, dubbed “Solana block explorer”, has received US$4 million in a seed funding round co-led by US-headquartered blockchain-focused Multicoin Capital and Electric Capital.
Jump Capital, Sequoia India, Alameda Research, Solana Ventures, Signum Capital, and CoinGecko also participated, Solscan said in a statement.
The capital will be used to launch its subscription-based analytics platform Solscan Analytics and accelerate integrations for its flagship block explorer, an online tool for searching and inspecting blockchain transactions.
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Solscan will also use the funding to expand its talent pool to support the mounting user base and partnership requests.
The startup plans to release new network monitoring and analytics tools, enhanced developer tooling, and dedicated info pages for projects in early 2022.
Launched six months ago by Vietnamese founders, Solscan is powered by Solana, a decentralised blockchain to assist the data analytics needs of users, developers, and projects within the Solana ecosystem. Solana is a public blockchain platform.
With Solscan Analytics, users can utilise both on-chain and off-chain data for high-quality market intelligence — such as hidden patterns and correlations, emerging market trends, profitable trading behaviour characteristics, price anomalies, whale interactions, and fraud detection.
“We anticipate Solscan to be the primary gateway to track your on-chain activities,” said Saurabh Sharna, partner and crypto lead at Jump Capital.
“We were impressed by their thoughtful roadmap of API first on-chain visibility, analytics and Web3 integrations.”
The startup claims that its block explorer has served over 2.3 million monthly users and more than 180 million monthly data requests since its inception.
“Solscan sees a massive opportunity and an unmet demand for Solana’s data validations and analytics,” said Solscan director Le Ho. “This investment will help us further deliver world-class products such as DeFi dashboard, NFT scan, and network’s monitoring, amongst others.”
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Image Credit: Solscan
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