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RedStone raises $7M Seed round, from Lemniscap, Blockchain Capital, Coinbase Ventures, Arweave and…

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We are thrilled to announce that in August 2022 we have raised a $7M seed round led by Lemniscap to pursue our mission of powering Web3 innovation with a novel approach to on-chain data storage. The funds will play a key role in the further development of our decentralized RedStone Oracles & modular data-processing Smart Contracts on Arweave called Warp.

(Full list of Seed Round investors can be found at the end of this article)

Infrastructure made by Web3 Builders for Web3 Builders

RedStone build two data-focused products:

  1. RedStone Oracles — Deliver price data feeds covering long tail tokens, Forex, commodities and much more, in a truly scalable and cross-chain manner. The novel product design ensures resistance to network congestion and enables the delivery of data to projects every few seconds. Moreover, projects can integrate RedStone Oracles once and use it on any L1 or L2 chain they would like to expand to, thanks to our storageless architecture (data is transferred with meta transactions which bypasses expensive EVM-storage).
  2. Warp Contracts — A modular Smart Contract platform on top of the Arweave storage chain delivering unparalleled computation efficiency by decoupling storage from computation. Warp Contracts optimize throughput by the implementation of Decentralised Execution Networks (DEN) that focus on specific applications, i.e. DEN for gaming, DEN for DeFi, DEN for NFT marketplace, etc. The list of developer tools provided by Warp as well as example use cases can be found here.
As of August 2022, RedStone offers over 1,000 assets with over 4 Million data points

Unlocking the true potential of Web3

We are here to provide builders with truly scalable data infrastructure — the invaluable missing piece in the blockchain puzzle which is needed to push innovation forward. Our products are highly customisable enabling projects to tailor them directly to their specific needs. We can easily add new data feeds to our Oracle ecosystem so builders can leverage different types of data which have never been used in Web3 and create projects that were previously not viable. We have designed the architecture to scale easily which makes us well positioned for accelerating blockchain adoption.

“While the DeFi space continues to provide fertile ground for innovation, the foundational infrastructure has remained static over time, and is not fit for purpose in today’s rapidly scaling, blockchain-agnostic environment. Given the conveyor belt of sophisticated DeFi protocols hitting the market, the need for decentralized oracles that can process huge amounts of data has never been more pronounced. We are excited to support RedStone as the company continues to underline its credentials as the oracle platform of choice for DeFi users across the industry spectrum.”

– Roderik van der Graaf, Founder of Lemniscap, speaking to The Block

The beginnings

Before RedStone was formed, we had taken part in numerous hackathons. Many of our projects never made it into production because we couldn’t find oracles that were fast, cheap or reliable enough. RedStone launched in the first half of 2021 out of true developer need. Since the launch we have managed to secure Pre-Seed & Seed rounds from global top tier funds, release two developer-focused products and acquire clients using our Oracles and Warp Contracts on various chain mainnets, like Ethereum, Avalanche, Arweave, Polygon, Celo and many more.

“Today’s announcement represents yet another strong seal of approval for our unique value proposition from some of the most reputable and renowned investors in the blockchain and DeFi sector. Since day one, we have been clear in our ambitions to set the standard for rapid, affordable connectivity between blockchains and real-world data. This funding round will help us broaden accessibility to our signature Oracle and Warp Contracts solutions, tailored to the contours of today’s rapidly evolving DeFi and Web3 landscape.”

– Jakub Wojciechowski, CEO and founder of RedStone, speaking to The Block

The future

Funds raised will allow us to continue recruiting top-class talent. Right now our team consists of 80% engineers and we will keep a similar ratio going into the future. The funding will allow us to grow the core team, have a strong presence at international conferences & hackathons and expand our partnerships with various blockchains, protocols and applications. Importantly, the funds are going to power the growth of the RedStone ecosystem with grants and stipends for developers, node operators, network bootstrapping and high reputation Data Providers.

Join us on the journey!

Today the team consists of 8 strong players and we are actively recruiting both technical and non-technical talent. Open positions can be found here. If you are looking for a serious dose of ownership and influence on the final product, RedStone will be just the right place for you. Make the first step, join our Discord and introduce yourself!

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Round Participants