RedStone, a prominent modular blockchain oracle, has successfully procured $15 million in a Series A funding round spearheaded by Arrington Capital.

The funding round saw participation from notable investors such as Kraken Ventures, White Star Capital, Spartan Group, Amber Group, SevenX Ventures, and IOSG Ventures. Additionally, angel investors like Smokey the Bera and Homme Bera from Berachain, Mike Silagadze, Jozef Vogel, and Rok Kopp from Ether.Fi, alongside Amir Forouzani, Jason Vranek, and Christina Chen from Puffer Finance, also contributed to the round.

According to founder and CEO Jakub Wojciechowski, RedStone commenced its fundraising efforts for the Series A round in April, following substantial inbound interest from investors, and concluded the round in June. Wojciechowski disclosed that the round was structured as a simple agreement for future tokens (SAFT), emphasizing that “RedStone has no equity component at all.” He refrained from commenting on the company’s valuation.

With this Series A round, RedStone’s cumulative funding now stands at approximately $23 million. The project previously secured $7 million in a seed round in August 2022, $350,000 from angel investors in April 2023, and $525,000 in a pre-seed round in July 2021.

Understanding RedStone

RedStone operates as a blockchain oracle akin to well-known oracles like Chainlink and Pyth Network, but distinguishes itself through its modular architecture. “Our modular design enables rapid deployment on new networks and allows us to adapt our services to market demands swiftly,” Wojciechowski stated, citing the oracle’s pioneering support for liquid restaking tokens in projects like Ether.Fi, Renzo, Puffer, and Swell.

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A blockchain oracle bridges the gap between real-world data and smart contracts, enabling them to execute based on live information. RedStone’s modular oracle design provides flexibility with independently updatable components, facilitating seamless scalability and integration across various blockchains.

Highlighting RedStone’s integration with The Open Network (TON) blockchain, Wojciechowski noted, “We were the first and remain the sole oracle on the TON blockchain. The integration process was intensive, requiring our team to dedicate four months to ensure seamless end-to-end functionality.”

Currently, RedStone ranks as the fifth-largest blockchain oracle, securing a total value of approximately $3.5 billion, as reported by DeFiLlama.

Established in 2020 during the Arweave chain’s incubation program, RedStone supports over 60 blockchains, including Layer 1 and Layer 2 networks such as Ethereum, Base, Arbitrum, and Merlin Chain. The oracle plans to extend support to Berachain and Monad blockchains and aims to launch as an actively validated service (AVS) on EigenLayer, a protocol deriving security from Ethereum restaking.

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Upcoming Token Launch

RedStone’s Series A funding precedes its anticipated token launch later this year. The project plans to introduce RED as its token ticker, with a total supply of 1 billion tokens, as revealed by co-founder and COO Marcin Kazmierczak.

Currently, RedStone is conducting the second season of its points program, RedStone Gems (RSG). When queried about the potential conversion of RSG points into RED tokens, Kazmierczak stated that no confirmation could be provided at this time.

Based in Switzerland, RedStone employs a team of 18, with plans to expand to 30 personnel using the newly acquired funding. The expansion will focus on hiring global go-to-market team members and engineers in Central-Eastern Europe.