Infstones, a California-based blockchain infrastructure provider, raised USD 33 million in the Series B round on February 24, 2022. The investment saw participation from Susquehanna International Group (SIG) and Dragonfly Capital. Qiming Venture Partners, DHVC, A&T, and Value Internet Fund were the other investors to participate. The company’s total funding closed at USD 45 million.
Utilisation of funds
With these funds, Infstones aims to develop its platform further. The company will see a surge in employees. It shall expand its team size from 30 employees to 90 employees over the next year.
Inftsones will also support over 100 chains and protocols. They currently support 50 blockchains.
The firm aims to serve as a flexible Amazon Web Services such as a platform for Web 3 development.
Infstones further plans to expand its operations in Asia, Europe, and South America.
What Infstones founder and CEO has to say
“Demand for our infrastructure platform service has been very strong. InfStones has been profitable from day one.”- Zhenwu Shi, founder and CEO of Infstones.
Emphasising Web3 application, he said, “As Web3 technology and applications grow, data structure and architecture will become more and more decentralised. Web3 applications are not intuitively easy to use or develop, so the Web3 ecosystem requires an AWS-like layer solution to increase the speed and growth of Web3 adoption.”
Shi also talked about decentralised blockchain networks. “A lot of blockchains want to become more decentralised, which requires more people to launch a node in their ecosystem. But those people don’t have a technology background and don’t know how to maintain those nodes. Using our product, they can very easily launch and participate in the blockchain network,” said Shi.
What the investors have to say-
“Just as AWS has made it easy for companies to deploy applications across servers, storage, and databases, InfStones is making it simple to deploy nodes, APIs, and other services. Their platform helps reduce the barriers to entry for new companies that are looking to incorporate blockchain technology into their stack.” – Dragonfly Capital Partner Tom Schmidt said in a press release.
Infstones, founded in 2018, is a blockchain infrastructure provider for institutional clients. Their customer base consists of Ethereum, Polygon, Solana, Polkadot, Cardano, and Chainlink.
Users can run validator nodes, get access to on-chain data and develop decentralised applications across multiple chains.
The California-based company has offices in Beijing, the USA and Canada.
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