Web3 Platform Built By Ex-Google Engineers, nxyz, Raises $40M
- Web3-based data infrastructure provider nxyz raised $40 million in a Series A funding round led by crypto-focused investment firm Paradigm.
- The firm’s co-founder Sridhar Ramaswamy will now become the CEO, while continuing his role as a CEO for Neeva, a user-first, private search engine.
- With a response time of less than 200 milliseconds, nxyz’s lightning-fast blockchain API offers real-time blockchain data.
nxyz, a Web3-based data infrastructure provider, has recently raised $40 million in a Series A funding round led by crypto-focused investment firm Paradigm, with active participation from big names, including Coinbase Ventures, Sequoia Capital, and Greylock Partners.
According to a recent press release, nxyz, which claims to enable “lightning-fast data infrastructure” for blockchains, also announced that its co-founder Sridhar Ramaswamy will now become the CEO, while continuing his role as CEO for Neeva, a user-first, private search engine.
As per the announcement, nxyz will use the fund to expand its team, develop solid support for new use cases, and onboard several more blockchains in the coming months. The platform also aims to use the new funding to intensify its plans for empowering “a new generation of builders, creatives, and entrepreneurs to develop a better internet by providing fast, flexible, and reliable blockchain indexing and data infrastructure.”
Ramaswamy, the new CEO of nxyz, noted the potential of the new funding by stating:
“I’m thrilled to introduce nxyz to the world and to see the potential it will unlock for blockchain innovation. We created nxyz so that developers can focus on building at scale, and have the fast and simple method for indexing data they need. I’m convinced this is exactly the kind of innovation needed to help ensure the widespread adoption and success of web3.”
Derived from Neeva, nxyz is a performant API suite that enables developers to consume blockchain data with ease. It ingests data straight from blockchains and the linked applications in real time.
With a response time of less than 200 milliseconds, nxyz’s lightning-fast blockchain API offers real-time blockchain data. It was developed by distributed systems engineers from Google and Neeva. Applications like wallets and NFT projects directly benefit from nxyz’s capacity to scale up to handle high throughput.
The massive support by big names like Paradigm is a result of the company’s massive success since its launch earlier this year. nxyz has completed over 5 billion transactions across Ethereum, Polygon, Binance, Avalanche, Arbitrum, and Optimism and added beta customers in the stated timeframe. Co-founder and Managing Partner at Paradigm, Matt Huang, believes that Web3 developers still lack fast, reliable, and flexible infrastructure to support their innovations, which is holding the industry back from global adoption.
“nxyz has a truly superlative team that has built the best data indexing infrastructure for web3, and we at Paradigm are thrilled to support them,”He further stated.