SolanaFM Raises S$6.3 Million Seed Funding Led by SBI Groupby Fintech News Singapore August 26, 2022
SolanaFM, a Solana blockchain explorer offering indexing and analytical services, announced that it has secured S$6.3 million in a seed funding round spearheaded by SBI Group’s Digital Asset Opportunity Fund.
The seed round was also joined by Zee Prime, Spartan Group, Mirana Ventures, Petrock Capital, K3 ventures, D1 Ventures, FT capital, 3Chaps, Etherscan, and several angel investors.
The funds raised will be utilised to enhance SolanaFM’s services and to expand its team. The company currently manages a workforce of 25 staff who are mainly in the engineering team, with the remaining staff focused on growing the business.
Previously in December 2021, SolanaFM managed to secure investment in a funding round led by Etherscan and Coinhako. Details of the fundraise was not disclosed.
The company was founded in March 2021 by three Singapore Management University (SMU) undergraduates.
It was also one of the startups in the January 2022 cohort of Business Innovations Generator, an incubation programme managed by the SMU Institute of Innovation and Entrepreneurship.
SolanaFM is a blockchain explorer that provides many services beyond the typical explorer.
The company works closely with protocols within the Solana ecosystem to index their data, and supports businesses outside the ecosystem such as banks and compliance companies to provide them with fast, equitable data.
SolanaFM have partnered with GameFi and DeFi companies like GenoPets and Raydium and they are also working with the top three compliance companies worldwide to provide a suite of APIs for their monitoring services.
Currently, the explorer has over 30 integrations that they launched in March including Friktion, Tulip Finance, Magic Eden and more.
Fathur Rahman, COO of SolanaFM said,
“We’re honoured to have these investment powerhouses backing us to spur the growth of SolanaFM both within and outside the ecosystem.
With a fresh injection of financing from our latest round of investors, we aim to expand our team to achieve better customer fulfilment rates, support significantly faster development lifecycles and serve Solana users the general-purpose data tools they deserve. ”
The founders of SolanaFM are balancing both studies and the company, citing SMU’s curriculum structure as an important factor.
Chen Bing Huang, CTO of SolanaFM said,
“SMU has given us many opportunities such as the Business Innovations Generator programme and the Student Entrepreneur Internship, which have allowed us to clear our internships requirements by running this company.
We are able to continue pursuing our studies and our passion for which we are extremely grateful.”