The Seed Fundraising Round
The Digital Asset Opportunity Fund of Japanese financial services firm SBI Group secured $4.5 million in a seed fundraising round, which was headed by Solana blockchain explorer and indexing provider SolanaFM. According to a news statement on Friday, Spartan Group, Mirana Ventures, D1 Ventures, and Petrock Capital are among the other investors in the round.
Co-founders Nicholas Chen, Bing Huang, and Fathur Rahman of the Singapore-based business decided to concentrate on blockchain infrastructure solutions during a Solana hackathon. SolanaFM, which contains two main tools, is the outcome of this. According to Fathur, the first is an indexer, which makes it possible for users to acquire and retrieve Solana data quickly. He said that the second is a blockchain explorer to examine and engage with Solana data.
The Move into Aptos
Users can browse through data that has been stored on the blockchain using a blockchain explorer. Etherscan did a great job at designing a straightforward explorer, according to Fathur. Fathur remarked that they just created it because they believed there was a problem right there and that they needed to repair it. According to Fathur, the indexer will be the main source of income for the startup’s indexing as a service.
The new raise’s proceeds will be used to grow SolanaFM and make hiring investments. Additionally, the business received an undisclosed sum in December from a fundraising round headed by Etherscan and Coinhako.
Despite the name, SolanaFM is not blockchain-specific, according to Fathur. The company is thinking on offering corresponding technologies on the Aptos blockchain in addition to present services on the Solana blockchain. It makes sense for them to actually extend into Aptos as well, Fathur said that once you construct an explorer, and people love it and they know that people enjoy it then it sticks with them. They already know how to deal with it in Solana, so it’s a similar experience when they move into Aptos.
Source: https://www.thecoinrepublic.com/2022/08/28/solanafm-raises-4-5-million-to-expand-aptos/