Funding round enables Sentio to bring the first end-to-end observability platform to help people gain insights, secure assets, and troubleshoot transactions for their decentralized applications.
SEATTLE–(BUSINESS WIRE)–Sentio has raised $6.4 million to bring modern observability to decentralized applications. The funding round was led by Lightspeed Venture Partners with participation from industry leaders Hashkey Capital, Canonical Crypto, Essence VC and GSR Ventures. The Sentio team consists of veteran engineers from Google, LinkedIn, Microsoft and TikTok, and is uniquely positioned to build in this space because of our extensive experience in both observability and crypto.
Smart contracts are the entire backend infrastructure for a DApp. They are more mission-critical than their Web2 counterparts as smart contracts often handle user assets directly and are more vulnerable to exploits due to openness and composability. While Web2 observability solutions such as Datadog and Elastic proliferate, Web3 observability solutions are lacking and fragmented. This results in DApp developers having to develop and host in-house solutions, taping together fragmented third-party tools or, in many cases, operating their DApps without adequate monitoring and visualization. Furthermore, according to Fortune Crypto, in 2022, cybercriminals hacked over $3 billion from crypto networks and protocols, which nearly doubled from $1.55 billion in 2021. In October 2022 alone, $718 million was stolen from decentralized finance protocols.
Sentio provides modern monitoring, alerting and log management for decentralized applications as an integrated and hosted experience. Users can use Sentio’s SDK to collect and transform metrics and logs generated based on their smart contracts’ events, transactions, traces and states. Sentio fully manages the indexing process, and users can visualize and set up alerts on the metrics and perform advanced search on the logs, all via Sentio’s web interface. Additional observability features such as user behavior analytics and transaction simulation/debugger are under development. Currently, Sentio supports Ethereum, Aptos, BSC, Polygon, Arbitrum, Optimism, Avalanche and Moonbeam.
“Sentio’s bespoke and flexible on-chain data collection engine makes it possible for us to build dashboards that we can’t build on other platforms,” said Blake West, co-founder and CTO of Goldfinch. “We can iterate fast and have been getting a lot of value from Sentio.”
“We are a data-driven team and we set high bars when it comes to observability solutions for our DEX,” said Alejo Pinto, Founder of Pontem Network. “We can gain insights into every pool on LiquidSwap on the most granular level and use Sentio’s API to spin up a stat page that our entire community can benefit from.”
Ravi Mhatre, founding partner at Lightspeed added, “As smart contract development continues to grow exponentially, developers are increasingly seeking more tools to augment their development and runtime workflows. Lightspeed has a long history of backing enterprise grade developer tools, and we are starting to see patterns emerge to support use cases that mirror these needs in Web3. We are very proud to be backing this technically talented team tackling observability and monitoring for Web3.”
Fuyao Zhao, co-founder and CEO, is excited about the product. “Sentio’s mission is to accelerate DApp proliferation by bringing the best and battle-tested developer tools, infrastructure and philosophy to the crypto world.”
To try out Sentio, go to sentio.xyz to sign up for an account. You can refer to docs.sentio.xyz about how to get started with the product.
Contacts
Fuyao Zhao
Co-Founder & CEO
Sentio XYZ
Source: https://thenewscrypto.com/sentio-raises-6-4m-led-by-lightspeed-to-bring-modern-observability-to-decentralized-applications/