Solscan, a Singapore-based data analytics platform and full-suite block explorer concentrating on the Solana domain, has secured US$ 4 million in a Seed funding round co-led by Electric Capital and Multicoin Capital on 21 December 2021.
Investors: The latest investment round featured Multicoin Capital and Electric Capital as the lead investors with participation from Solana Ventures, Signum Capital, Sequoia Capital India, Jump Capital, CoinGecko and Alameda Research.
Purpose of the funding: The startup seeks to deploy the proceeds from the investment round towards launching Solscan Analytics, escalating the unifications for Solana’s flagship block explorer, and accelerating recruiting to bolster the firm’s expanding customer base and collaboration requests.
About Solscan
Brought to existence in 2021, Solscan offers a broad range of data offerings for developers, projects and users. The firm’s block explorer caters to over 180 million monthly data requests and more than 2.3 million monthly users. Its platform has become one of the leading explorers within the industry, partly due to integration with big projects. Solscan’s new launching analytics interface, Solscan Analytics, will provide users with a more individualised and tailored experience. The platform will consolidate off-chain and on-chain data to offer high-quality market intelligence, such as fraud detection, hidden patterns and correlations, emerging market trends, profitable trading behaviour characteristics, price anomalies and whale interactions.
What the Founder has to say: “Solscan has recognised a big chance and an unfulfilled demand for Solana’s analytics and data validations. It is exhilarating to receive support from such great partners in the latest investment round. The infusion of new capital will enable us to provide world-class offerings, including NFT scan, DeFi dashboard, network inspection, and other products. We are quite positive towards collaborating with other peer projects in the Solana domain, and aiding them in their data analytics requirements.”- Le Ho, Director at Solscan.
What the Investor has to say: “Solscan has emerged as a leading corporation of the Solana ecosystem, and the firm has been structuring a completely innovative category of the network effect. They have consolidated several Solana conventions into the Solscan front end to deliver an enhanced block explorer experience. The protocol teams have also amalgamated Solscan as the flagship block explorer. Solscan has been experiencing exponential growth after its network effect has taken into action.”- Kyle Samani, Managing Partner at Multicoin Capital.
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