Blockchain Infrastructure Provider InfStones Closes $33M Series B

Blockchain infrastructure provider InfStones closed a $33 million Series B round to further develop its platform, Zhenwu Shi, founder and CEO of the firm, said to Blockworks.

The round included investors from Susquehanna International Group (SIG), Dragonfly Capital, Qiming Venture Partners, DHVC, A&T and Value Internet Fund. 

The company previously raised $12 million in its seed round and Series A, bringing its total funding to $45 million. Shi declined to disclose a valuation.

With the new funding, the company plans to triple its team from 30 to 90 employees over the next year and expand support to over 100 chains and protocols.

InfStones was founded in 2018 and is a staking and infrastructure platform that provides services for institutional clients and supports nodes on over 50 chains, including Ethereum, Polygon, Solana, Polkadot, Cardano and Chainlink.

“Demand for our infrastructure platform service has been very strong,” Shi said. “InfStones has been profitable from day one.”

The platform’s customers include Binance, Dune Analytics, Polygon, Circle and Compound, among others, he noted.

“As Web3 technology and applications grow, data structure and architecture will become more and more decentralized,” Shi said.

“Web3 applications are not intuitively easy to use or develop, so the Web3 ecosystem requires an AWS-like layer solution to increase the speed and growth of Web3 adoption.”

In addition to the capital raise, the provider is launching a new front-end user interface that lets users deploy nodes within minutes, it said. The public application programming interface (API) is available for Ethereum, Neo, BNB Chain — formerly known as Binance Smart Chain, or BSC — and BSC Archival Data. It plans to add support for Cosmos and other chains in the future.

The API will continue to add features that give developers full automation, fast deployment and multi-cloud support, Shi said. 

Going forward, the provider will focus on further developing the blockchain platform to become the “preferred AWS of Web3,” Shi said.

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