Tel Aviv, Israel, July 2nd, 2024,
Chainwire
SendBlocks, a pioneering startup in blockchain data
management, announced today that it is coming out of stealth mode
with $8.2 million in seed funding led by Castle Island Ventures
with several other institutional investors including Pitango,
Illuminate Financial, Laser Digital (Nomura), Starkware and notable
ecosystem leaders.
SendBlocks makes accessing blockchain data simple. The
SendBlocks platform is fully customizable allowing blockchain
enterprises, ecosystems, protocols and applications to define the
data that matters to them, and leave it to SendBlocks to sift
through the blockchain to find their nuggets.
As high throughput blockchains emerge, many new use cases for
blockchain-based applications are becoming evident thanks to better
usability and cheaper transaction cost. “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
Itay Shrem, Co-founder
& CEO.
Existing clients (that can be disclosed) include Bancor and
SphereX who have already benefited from SendBlocks' innovative
solution, experiencing streamlined operations and cost savings.
With more and more high throughput blockchains emerging, SendBlocks
is positioning itself to become the leading data management
platform.
The challenges with data management in web3
While in traditional web2 development, backend engineers build
and access databases directly; in the blockchain ecosystem, the
blockchain itself acts as the backend, accessed through RPC calls.
Resulting in two major challenges:
- Flexibility: The increasing number of
applications built on top of blockchains leads to diverse data
requirements. Said differently, each org has different data needs
and different ways that data is processed and used. Currently,
there is no solution that delivers the exact information needed for
blockchain users that offer a web2 like personalized experience.
The way orgs currently solve this is by spending a lot of time and
money on building in-house data management solutions.
- Scale: To access detailed blockchain data,
complex indexers are developed to continually query the blockchain
and keep tabs on the data. However, these services struggle to
maintain performance when dealing with blockchains that process
more transactions in shorter periods of time (AKA high-throughput
blockchains).
“Think of when Taylor Swift tickets go on sale and TicketMaster
needs to handle millions of requests simultaneously, the site often
crashes. That’s because the backend isn’t optimized for The
Swifties,” explains Shrem. “The technological challenge of data
management in high throughput blockchains is like the transition
from supporting smaller, less known, artist ticket sales to being
able to support Taylor Swift demand, but all the time” he adds.
Enter SendBlocks
“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,” says Michael Kellner, Co-founder
& CTO. “Merley scaling the blockchain isn't sufficient; the
entire stack must be scalable to support the next generation of
applications,” he adds.
SendBlocks' innovative approach addresses these challenges
head-on. Shrem and Kellner, having spent over a decade each in
Talpiot are now leveraging their experience in building secure and
resilient infrastructures.
SendBlocks aims to significantly reduce backend and indexing
efforts for blockchain developers while maintaining flexibility and
robustness by consolidating the conventional indexer/RPC process
into a single, user-friendly platform.
Some simple use cases of the SendBlocks platform have already
been a game changer for clients, such as flexible historical data
access and fully personalized notifications.
By providing customers access to anything happening on-chain,
SendBlocks helps developers save billions of API queries, resulting
in leaner data teams, regardless of the underlying blockchain.
“Current data management solutions and indexers just don’t
support fast blockchains,” explains Shrem, “we’re building with
scale and ease in mind to ensure ecosystems enjoy engagement and
retention” he adds.
“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,” says Sean Judge, General Manager
of Castle Island Ventures which led the round. “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 adds.
With the funds SendBlocks will continue to grow out it’s R&D
team to support existing and future clients as well as scale its
marketing and sales efforts to attract top protocols and
ecosystems.
Shrem and Kellner lead a strong team of 9, all coming from
notorious web2 enterprises such as Microsoft, AWS and Talpiot
intelligence unit as well as web3 orgs such as Bancor and Algorand.
Kellner holds a Masters in post-quantum cryptography and Shrem
specializes in network coding and security.
About SendBlocks
SendBlocks is a pioneering blockchain data management startup
that simplifies access to blockchain data through a fully
customizable platform. Emerging from stealth mode with $8.2 million
in seed funding led by Castle Island Ventures, SendBlocks addresses
the challenges of data flexibility and scalability in
high-throughput blockchains. By enabling enterprises, ecosystems,
and applications to define and access the data they need,
SendBlocks eliminates the need for extensive in-house data teams or
expensive, outsourced, solutions per data point.
Contact
CEO
Omri
Hurwitz
Omri Hurwitz
Media
omri@omrihurwitz.com