CPE News (6.8.2022) – Vybe Network has raised US $10.5 million in Series A funding led by FTX Ventures with participation from Sino Global, Staking Facilities, Serum, Panony, Tess Ventures, Contango, Canonical Crypto Fund and EBT Group.
Vybe Network is a data infrastructure solution that enables the Solana community to query, index, and share on-chain data to build web 3.0 dApps and analytics. Vybe helps build user-friendly and accessible applications and supports Web3 and DeFi projects with permissionless and transparent data, allowing anyone to access and benefit from on-chain data.
Vybe will use this new funding to aid in the decentralization of data access and storage, allowing any user – regardless of background or proficiency – to participate in the network, monetize and share their data, power innovative dApps and gain insights into favored Solana protocols.
photo credit: Vybe Network
News Release
Vybe Network Secures $10.5 Million USD in Series A Funding
Successful national expansion helps secure landmark investment led by FTX
VANCOUVER, BC, June 7, 2022 /PRNewswire/ — Vybe Network, the premier data infrastructure solution, today announced the close of a $10.5 million USD Series A investment. Vybe Network enables the Solana community to query, index and exchange on-chain data to build Web3 dApps and analytics. The round is led by FTX with additional participation from Sino Global, Staking Facilities, Serum, Panony, Tess Ventures, Contango, Canonical Crypto Fund and EBT Group.
Launched in the summer of 2021, the company provides software and infrastructure that allows users to easily access and utilize both real-time and historical data from the Solana blockchain. A key component of Vybe is data indexing, where anyone can host and provide data to the network in a permissionless and transparent manner. The latest funding comes on the heels of significant growth at Vybe. The company’s products include the VYBE app and Serum Analytics.
“We’ve seen an unprecedented industry need for an infrastructure like Vybe as new innovations in this space are rapidly evolving,” said Arun Dass, CEO and Founder of Vybe. “This funding will accelerate the delivery of our product, advance developers in experiencing more empowerment and fuel participation in the community.”
Vybe will use this new funding to aid in the decentralization of data access and storage, allowing any user – regardless of background or proficiency – to participate in the network, monetize and share their data, power innovative dApps and gain insights into favored Solana protocols. The infrastructure powers the user experience and sits as a core middle ground between the blockchain and user-facing dApps or marketplaces. Building on its existing technology, the company will help users advance their existing skills while also benefitting from new advancements in blockchain technology.
As it enters this next phase of growth, Vybe will also be a leading data provider and infrastructural component of the Solana ecosystem, where users can participate as data providers or leverage on-chain data to create analytics or data intensive dApps.
About Vybe Network
Vybe supports teams on Solana that are developing DeFi and Web3 dApps and provides the infrastructure allowing live and historical data to be queried and analyzed so that meaningful insights and metrics can be extracted from protocols. Vybe helps build user-friendly and accessible applications and supports Web3 and DeFi projects with permissionless and transparent data, allowing anyone to access and benefit from on-chain data.
Investor Quotes:
“Vybe Network has a proven track record of delivering the highest quality data, analytics and querying infrastructure on high performance blockchains and we are excited to partner with them on their next generation of products.”
Brian Lee (Partner), FTX
“Ingesting and processing a broad range of on-chain Solana data is a highly non-trivial technical challenge, yet provides exceptional value to decision makers within a wide range of organizations in the ecosystem. We believe that Vybe’s technical approach to the problem is the most scalable in the industry and that their highly experienced team has the drive and know-how to ship it to mainnet faster than anyone else. We are proud to have supported Vybe during their Series A and are looking forward to supporting the team as they continue to grow and build their product.”
Matthew Graham (CEO), Sino Global Capital
“Markets are volatile, trends will shift, but critical infrastructure will always be in demand. Vybe is delivering that key infrastructure for querying on-chain data on Solana. We are excited to back such a driven team and will support their future endeavors.”
Louis Bauer, Staking Facilities
“Vybe Network has been a significant participant in the Serum community, integrating Serum focused data and analytics products for users and composing projects. The Incentive Ecosystem Foundation will be supporting Vybe Network as it continues its tremendous growth to bring more workflow management and data indexing tools to the Solana ecosystem.”
0xMarcJ, Serum
MEDIA CONTACT:
Shannon Blood
M Group Strategic Communications (Vybe Network)
+1 917 765 1442
vybenetworkpr@mgroupsc.com
SOURCE Vybe Network