Total amount raised
$11.2 Millions
Latest funding date
05/01/2024
Location
Switchboard has successfully raised $7.5 million in a Series A funding round, attracting investors such as Aptos, Arche Fund, and Tribe Capital. The company is focused on enabling developers to publish data on-chain by creating data feeds from APIs.
Keep reading to explore the intricacies of Switchboard's fundraising journey and the investors backing this innovative platform.
What Is Switchboard?
Switchboard, founded in 2021, operates in the blockchain and developer APIs industry. The company is based in Tallahassee, Florida, and has a small team of 1-10 employees.
Switchboard enables developers to publish data on-chain by creating high-performance data feeds from any API, facilitating the development of decentralized applications on Solana. The company operates under the legal name Switchboard Technology Labs, Inc.
How Much Funding Has Switchboard Raised?
- Series A
- Amount Raised: $7.5M
- Date: May 2024
- Lead Investors: Tribe Capital, RockawayX
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Switchboard's decentralized oracle network.
- Funding Round
- Amount Raised: $150K
- Date: January 2022
- Lead Investors: Alameda Research
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial development and operations.
- Seed Round
- Amount Raised: $3.5M
- Date: June 2021
- Lead Investors: Lemniscap
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch the platform and attract early users.
Total Amount Raised: $11.15M. Current Valuation: Not publicly disclosed.
Key Investors
- RockawayX
- Details: RockawayX is a venture capital firm that focuses on investing in blockchain and digital assets. They aim to support innovative projects that drive the adoption of decentralized technologies.
- Investment Focus Areas: Blockchain, Digital Assets, Fintech
- Notable Investments: Not publicly disclosed
- Tribe Capital
- Details: Tribe Capital is a venture capital firm that leverages data science to identify and invest in promising startups. They focus on early-stage companies with high growth potential.
- Investment Focus Areas: Technology, Fintech, Healthcare
- Notable Investments: Carta, Bolt, Relativity Space
- Alameda Research
- Details: Alameda Research is a quantitative cryptocurrency trading firm and liquidity provider. They are known for their significant influence in the crypto market.
- Investment Focus Areas: Cryptocurrency, Blockchain, Trading
- Notable Investments: FTX, Solana, Serum
- Lemniscap
- Details: Lemniscap is an investment firm specializing in blockchain technology and cryptocurrency. They support projects that aim to revolutionize traditional industries through decentralized solutions.
- Investment Focus Areas: Blockchain, Cryptocurrency, Decentralized Finance (DeFi)
- Notable Investments: Not publicly disclosed
- Solana Foundation
- Details: The Solana Foundation is dedicated to the growth and development of the Solana blockchain. They provide resources and support to projects building on the Solana network.
- Investment Focus Areas: Blockchain, Decentralized Applications (dApps), Infrastructure
- Notable Investments: Not publicly disclosed
What's Next for Switchboard?
Switchboard stands at the cusp of significant growth, driven by the increasing demand for customizable and permissionless oracle networks. With over 100,000 users and $2 billion in total value secured, the company is poised to expand its operations and development efforts, tapping into the burgeoning Web3 and on-chain data solutions market.
Future fundraising opportunities seem promising, given the successful Series A round and the involvement of prominent investors. This financial backing could pave the way for further rounds to support their ambitious expansion plans. However, Switchboard will need to navigate challenges such as competition from other oracle network providers and ensuring the security and reliability of their data feeds.
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