Subsquid closed its strategic seed round by Hypersphere Ventures, which included a lead investment from Hypersphere Ventures. More than 20 crypto-savvy investors signed the September round totaling $3.8million. This includes four Subsquid projects. It is a strong sign of support from key stakeholders.

Hypersphere Ventures and Zeeprime Capital are among the investors.

Subsquid, a Substrate-based Blockchain-based node query framework and provider of node-as a service for Substrate blockchains is innovative. Even if transactions and on-chain events are scattered across multiple blocks, the platform is able to process many thousands of transactions and them all in one batch. DotSama developers will be able to sync their node queries much quicker than directly accessing them.

Subsquid’s functionality and speed are unmatched by other projects, thanks to the high level of SQL query customization using custom GraphQL solvers. Subsquid’s services and the flagship open-source framework, Hydra, are already utilised by a number of projects in the Polkadot ecosystem, most notably Chainflip, HydraDX, Joystream, Subsocial, Threefold and Zeitgeist.

Dmitry Zhelezov Technical Co-Founder on successful closing of seed round

“I want to take the opportunity to thank our early investors for the immense support we have received during this early stage of our project. We are looking forward to rolling out more functionalities in the coming weeks, allowing blockchain developers to harness Subsquid’s next generation technology and take DApps to a new level of speed and functionality.”

Jack Platts (Co-Founder of Hypersphere ventures) added:

“I am excited to be supporting Subsquid as one of the key infrastructure pieces for the parachain ecosystem. DotSama developers need reliable and fast endpoints to power their frontends and other blockchain-interfacing apps, and Subsquid is already serving that need with a number of parachain projects. The technical challenge to offer reliable Polkadot endpoints was immense, so we’re happy to back a team that is making it happen.”

Subsquid has the mission to make Web 3.0 more scalable by providing data APIs that can be used to transform a SaaS model to a DAO open to all. Subsquid DAO is a new approach to replacing monolithic, redundant network nodes. It uses heterogeneous workers. They are given incentives and can be held accountable on the blockchain. Subsquid DAO’s accounting system uses the SQD token as the primary unit. There are many uses for it. It can also be used as a payment token, governance token and work token.

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