In a strategic financial maneuver, Chainbase, an innovative entity in the realm of blockchain data networks, has successfully garnered $15 million in a Series A funding round. This capital influx serves as a testament to the burgeoning interest in the decentralized data infrastructure landscape.

The funding round, co-piloted by Tencent Investment Group and Matrix Partners China, marks a significant milestone for Chainbase, as disclosed on Thursday. The investment ensemble also featured contributions from Folius Ventures, Hash Global, JSquare, Mask Network, and Bodl Ventures.

This financial round, orchestrated as an equity-based structure with token warrants, reached its conclusion in the final quarter of the preceding year, as per Chainbase’s co-founder and Chief Operating Officer, Chris Feng, who conveyed these details to The Block. However, Feng opted not to disclose the valuation metrics at this juncture.

Read more: Tencent-Backed Chainbase Secures $15M to Revolutionize On-Chain Data Intelligence

As an integral facet of the investment arrangement, both Tencent Investment Group and Matrix Partners China have secured seats on Chainbase’s board of directors, according to Feng. This infusion of capital propels Chainbase’s cumulative funding to an impressive $18 million, building on an initial $3 million amassed during the seed and angel funding stages.

Deciphering Chainbase’s Pioneering Data Network

Chainbase positions itself as a vanguard in the field of omnichain data networks, centralizing a myriad of blockchain data streams into a singular, cohesive platform. This consolidated framework aims to streamline data accessibility and usability for developers engaged in crafting and maintaining blockchain applications.

“Our portfolio of innovations encompasses a real-time data lake specifically engineered for blockchain-generated data streams, alongside ‘manuscripts,’ a pioneering data format standard within the crypto industry,” Feng elucidated. “By harnessing petabyte-scale data within our ecosystem, we are trailblazing the creation of foundational models tailored for the crypto space. This groundbreaking initiative metamorphoses static on-chain data into dynamic, intelligent models, thereby unlocking substantial new value and expanding market potential.”

Chainbase’s data network currently underpins a robust ecosystem of over 15,000 developers and 8,000 projects, managing an extraordinary volume of over 500 billion data interactions. Presently, access to the network is granted to projects on a whitelist basis, while the decentralized iteration is undergoing rigorous testnet evaluations, Feng confirmed.

Harry Man, a partner at Matrix Partners China, expressed in a statement that with the ascendancy of artificial intelligence, Chainbase’s extensive reservoir of on-chain data “possesses the potential to significantly enhance the quality of models, akin to modern-day alchemists infusing intelligence into the crypto sphere.”

Chainbase Mainnet and Token Deployment Timeline

Anticipation is building as Chainbase’s mainnet and its governance token, CBT, are slated for a public debut in the fourth quarter of the current year, Feng revealed. The CBT token is poised to serve as a reward mechanism for contributors and users within the Chainbase network, encompassing data providers, node operators, and early adopters.

With the recent infusion of capital, Chainbase is set to embark on an aggressive expansion strategy, aiming to cultivate local communities across key crypto hubs on a global scale over the next six months, Feng noted. This strategic initiative is designed to bolster engagement with developers, users, and other pivotal stakeholders, thereby amplifying awareness and adoption of its data network.

Currently, Chainbase operates with a lean team of approximately 40 professionals. However, Feng mentioned that there are plans to selectively augment the team, contingent upon evolving operational needs.