DeFi Data Firm API3 Raises $4M in Funding Round Led by DWF Labs
API3, a service that provides DeFi data feeds to blockchain-based smart contracts without relying on a third party, has raised $4 million in a funding round led by DWF Labs.
Market maker and multi-stage Web3 investment firm DWF Labs led the funding round and contributed $2 million.
Other funding came from Spartan Group which contributed $1 million. Laser Digital, a digital asset business backed by Nomura, and Caladan formerly known as AlphaLab both contributed $500,000 each.
The funding raised will be used to provide API3 with liquidity to help execute its ongoing growth strategy. API3 will use the funding for marketing efforts, and business development initiatives.
API3 said its total secured value (TSV) has increased by 4900% from $20 million to over $1 billion. The data feed firm said it has integrated with new chains including the Optimism Superchain ecosystem, X-Layer and Worldcoin.
“API3’s transformative impact on how decentralised applications utilise oracles has been demonstrated by the substantial growth in their total value secured,” said Andrei Grachev, managing partner of DWF Labs.
“We look forward to building a strong collaboration moving forward to contribute toward a future where real-world data is seamlessly accessible and verifiable on-chain,” said Grachev.
API3 operates under a decentralized autonomous organization (DAO) structure. This is a digital management structure governed by smart contracts with decisions recorded and made on a blockchain.
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