SendBlocks, a trailblazing startup dedicated to transforming blockchain data management, has come out of stealth mode, announcing $8.2 million in seed funding. Led by Castle Island Ventures, this significant funding round also includes participation from Pitango, Illuminate Financial, Laser Digital (Nomura), Starkware, and other prominent ecosystem leaders.
Co-founded by Itay Shrem and Michael Kellner, SendBlocks is poised to revolutionize how blockchain data is accessed and managed. With their extensive backgrounds in cybersecurity and cryptographic systems from the elite Talpiot intelligence unit, Shrem and Kellner bring unparalleled expertise to the blockchain space.
“At the end of the day 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,” shares Shrem.
The SendBlocks platform offers a fully customizable solution for blockchain enterprises, ecosystems, protocols, and applications. This allows them to define their specific data needs and access it efficiently without the burden of extensive in-house resources. As high-throughput blockchains become more prevalent, the need for advanced data solutions grows, and SendBlocks aims to meet this demand head-on.
Blockchain data management presents unique challenges, particularly in terms of flexibility and scalability. In traditional web2 development, backend engineers can directly build and access databases. However, in the blockchain ecosystem, the blockchain itself functions as the backend, accessed through Remote Procedure Calls (RPCs).
First is the issue of flexibility. The diversity of data requirements across various blockchain applications means that each organization needs tailored data processing solutions. Currently, no existing solution offers the exact, personalized information required by blockchain users. As a result, organizations often invest significant time and resources into building in-house data management solutions to meet these needs. Secondly, accessing detailed blockchain data necessitates the development of complex indexers that continuously query the blockchain. These services often struggle to maintain performance, particularly with high-throughput blockchains that process numerous transactions in short periods.
SendBlocks tackles these challenges by consolidating the traditional indexer/RPC process into a single, user-friendly platform. It reduces the backend and indexing efforts required for developers. This approach ensures that developers can access the blockchain data they need, flexibly and efficiently.
“We believe that starting out in web3 shouldn’t necessitate an extensive data team and that infrastructure costs should align with the application’s user base rather than the blockchain’s throughput. Merely scaling the blockchain isn’t sufficient; the entire stack must be scalable to support the next generation of applications,” says Kellner.
SendBlocks has quickly demonstrated its value to clients. Existing clients such as Bancor and SphereX have already experienced substantial benefits from SendBlocks’ solution, reporting streamlined operations and significant cost savings. These clients have found that the platform’s ability to handle high-throughput blockchains and provide personalized data access is a game changer.
Sean Judge, General Manager of Castle Island Ventures, highlights the transformative potential of SendBlocks:
“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. 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,” he says
In a nutshell, SendBlocks is poised to play a pivotal role in simplifying and optimizing data management, paving the way for the next generation of blockchain applications.
