RootData completed a $1.25 million seed round financing to build a more interactive Web3 asset data layer

Source: The Block

Compiled by: Jake, ChainCatcher

On April 5, Web3 asset data platform RootData announced the completion of a $1.25 million seed funding round, led by NLVC, with participation from Boya Interactive (00434.hk), Bonfire Union Ventures (a fund under Mask Network), Sending Labs, Skyland Ventures, GoPlus, Basics Capital, Rebase D. Ventures, UniSat, SeeDAO, and also included contributions from Gavin, founder of Orbiter Finance, Shawn Shi, co-founder of Alchemy Pay, and Jackson, co-founder of 0xScope. This funding will primarily be used for product development and market expansion.

RootData was launched in early 2022, aiming to simplify Web3 investment by establishing a structured and visual data system for on-chain and off-chain data. Based on investment and financing data, RootData has successively built a series of features including a project database, institution database, personnel database, tag map, and ecological map, helping users efficiently query project information. Based on hundreds of thousands of user search data, the recently launched popular list module has also become a market barometer.

To tackle the vast and complex data, RootData has developed an intelligent data processing system for data collection and cleaning over the past year, combined with a systematic manual information processing and storage mechanism, establishing the most credible off-chain data system in the Web3 industry, which has been actively adopted by well-known media such as The Wall Street Journal, Coindesk, Decrypt, and hundreds of industry KOLs.

Currently, RootData's data focus is gradually expanding to on-chain data, allowing users to view real-time holdings on the homepages of projects, institutions, and individuals, as well as real-time large transfer dynamics of these on-chain entities. Due to the rich off-chain information, the on-chain data on RootData generally has high readability and contextual information, thereby enhancing user reading efficiency.

At the same time, RootData has also packaged its rich and accurate data into APIs for external services, allowing any third-party partner's page to integrate RootData data, such as project investors, financing amounts, detailed introductions, social media links, etc., avoiding the cumbersome process and manpower investment of maintaining a large amount of project data, while significantly improving user experience. Currently, the number of clients using the RootData API has exceeded 30, covering various scenarios such as task platforms, media, wallets, and AI robots.

In the future, RootData will further focus on the organic integration of on-chain and off-chain data, continuously iterating product features and experiences, while exploring diversified application scenarios, such as primary and secondary market transactions, membership models, etc. In the next 1-2 months, RootData will also integrate Twitter data, initially providing Twitter relationship maps for projects, institutions, and individuals, further enriching data structure and dimensions.

Tony, a partner at NLVC, stated that the RootData team has outstanding data aesthetic capabilities and strong execution power, and the spontaneous word-of-mouth growth from many users is impressive. There is reason to believe that RootData will become an important entry point for more people into the Web3 industry.

Suji, founder of Mask Network, expressed that RootData has become an essential product for his daily work. As an experienced user, he can see that the RootData team has exceptional product evolution capabilities and believes that RootData will ultimately become a new entry point for Web3 assets.

David, founder of Boya Interactive (00434.hk), stated that RootData's product has excellent data structuring and smooth user interaction experience, which helps improve investment decision efficiency and capture investment signals.

"This round of financing represents investors' and the market's full recognition of RootData's achievements over the past year. We will continue to strive to provide users with a more interactive product experience and become a trusted data layer in the Web3 field," said Pan, co-founder of RootData.