A startup creating a platform for decentralised API infrastructure has raised $6 million in a follow-up funding round, bringing its total raise to $7m.
Bware Labs connects blockchain data consumers to nodes supplied by independent providers. Its multichain subscription-based API platform serves developers and businesses building on blockchain by delivering their requests to the integrated networks.
The blockchains currently supported are Avalanche, Binance Smart Chain, Moonbeam, Moonriver, Astar, Shiden, Fantom, Polkadot, Elrond and Polygon.
The project aims to decentralise a common point of centralisation and criticism of the crypto ecosystem, where most infrastructure relies on centralised node operators to interact with the blockchain.
The cap table is comprised of Hypersphere Ventures, Blizzard, Infinity Ventures Crypto, Woodstock, Figment, Axia8, Coingecko Ventures, Nexo, Connext, Kosmos Ventures, Impossible Finance, Nabais Capital, AVentures DAO, Subsquid and Stakeborg.
The previous round included investors such as Spartan Group, Ascensive Assets, GBV and Morningstar Ventures, and angels such as Danish Chaudhry (CEO FMFW.io).
Bware Labs says its platform provides reliable blockchain access, with the end goal of using third party node providers while maintaining a high bar for performance and reliability comparable to its centralised competitors.
Node providers will be incentivised by getting a share of the platform revenues as well as the possibility to stake BWR tokens and get rewards. Subscription payments will be made in stablecoin, simplifying the process for crypto-native businesses.
“We are very excited to have finalised this investment round,” said Flavian Manea, CEO of Bware Labs.
“One reason for this is the strength brought into our team, by on-boarding experienced investors, from both crypto and traditional finance, big tech projects and fellow infrastructure players.
“The other reason is related to our company’s growth and the expansion of our tech offering which can now happen at an accelerated pace due to the financing we were able to secure and the support of our investors.
“We are now able to scale our plans for the years to come.”