Segment: Infrastructure / Business Model: B2B / Stage: Seed
Purpose: Making on-chain data easy to ready and understand
Problem: Blockchains are fairly complex and understanding how protocols work is challenging. This complexity is preventing adoption of crypto the the masses.
Solution: An API that converts strings of data which are random numbers and letter to easy to understand words formulated into sentences.
Team:
Merwane Drai - Co-founder and CEO
Rosco Kalis - Co-founder and CTO
Traction:
Funding: $500k part of YC W22 and raised an undisclosed round from 1Confirmation
Progress: API is currently in closed-alpha, they are hiring a founding engineer to join the team
Positive Signals:
Funding: YC is a great stamp and have raised a further round
Team: Rosco has a strong engineering background with 4 years in web3, launched web 3 applications with 250k+ monthly users
Product: If they can do what they are promising, this makes web3 accessible to the normal person (strong strong signal)
Risks:
Life stage: They are really early with the right signals of investors, team and product, but companies need to cross the chasm early on - it’ll be key to see what use case they fit into and what this means for revenue and growth