Solscan, nicknamed “Solana block explorer,” a Singapore-based data analytics startup, has raised US $4 million in a preliminary fundraising round headed by US-based blockchain-focused Multicoin Capital and Electric Capital.
Solscan reported that Jump Capital, Sequoia India, Alameda Research, Solana Ventures, Signum Capital, and CoinGecko were among the investors.
The funds will be used to create Solscan Analytics, a subscription-based analytics platform, and to speed up integrations for the company’s main block explorer, a web-based tool for exploring and analysing blockchain transactions.
Solscan will also utilise the funds to expand its talent pool in order to meet the growing demand from users and partners.
In early 2022, the company aims to offer additional network monitoring and analytics tools, as well as improved developer tooling and dedicated project information sites.
Solscan, which was founded six months ago by Vietnamese entrepreneurs, is powered by Solana, a decentralised blockchain that helps users, developers, and projects inside the Solana ecosystem with data analytics.
“We anticipate Solscan to be the primary gateway to track your on-chain activities,” said Saurabh Sharna, partner and crypto lead at Jump Capital.
“We were impressed by their thoughtful roadmap of API first on-chain visibility, analytics and Web3 integrations.”
Solana is a blockchain platform that is open to the public. Users may leverage both on-chain and off-chain data with Solscan Analytics to get high-quality market information on things like hidden patterns and correlations, developing market trends, lucrative trading behaviour features, price anomalies, whale interactions, and fraud detection.
Since its beginning, the business boasts that its block explorer has serviced over 2.3 million monthly users and over 180 million monthly data queries.
“Solscan sees a massive opportunity and an unmet demand for Solana’s data validations and analytics,” said Solscan director Le Ho. “This investment will help us further deliver world-class products such as DeFi dashboard, NFT scan, and network’s monitoring, amongst others.”