Polar Sync Raises $5.0m to Accelerate Development of Indexing & Query Solutions for Blockchain Applications
Breakthrough technology provides a highly optimized way to source and present blockchain data to users
New York, NY / SEAPRWire / October 05, 2021 / Polar Sync, the world-class API service platform designed for decentralized applications, today announced it has raised $5.0 million in total funding from private and strategic investors, including ChainRidge HYPERLINK “https://chainridge.capital/” Capital. The funding will be used to accelerate the development of a highly robust, scalable infrastructure designed to provide lightning-fast data indexing and query functionality to decentralized applications.
Polar Sync has been actively developing breakthrough technology to accommodate high-throughput blockchains such as Binance HYPERLINK “https://www.binance.org/en/smartChain” Smart Chain (BSC) and Polygon, which process data at a rate that is 5-to-10 times faster than Ethereum. This novel solution allows applications to eliminate the need to create and manage their own back-end infrastructure to service end users with data and analytics – a compelling value proposition.
Polar Sync completed its Minimum Viable Product (MVP) in May that proved its ability to fully sync with BSC’s largest Decentralized Exchange, PancakeSwap, the team is now actively engaging with a variety of projects to further pilot its solution. The Company recently partnered with ApeSwap, a leading AMM and Yield Farm platform on BSC & Polygon, to help power its analytics pages for users.
“Closing this round of financing is a significant milestone for the company,” said Reborn, Polar Sync’s founder and CEO. “It gives us the flexibility to develop solutions not just for BSC and Polygon, but for other high-throughput chains, such as Solana, Kucoin and OKEx. The opportunity for us is endless.”
He further added, “Our team has already made unbelievable progress to date, implementing a variety of high performance optimizations that have yielded query speed improvements of up to ~20x versus The Graph. Some of the highest profile names in the industry have expressed interest in deploying our solution, and we’re eager to meet that challenge.”
Since closing the financing round, the Company has hired three additional Rust engineers, and expects to double the size of the core engineering and product teams by year-end. Additionally, a number of positions have been opened spanning the business development and marketing functions. The majority of the capital raised will be utilized to execute against a bold vision consisting of aggressive chain and partner expansion.
“Legacy solutions provided by incumbent players such as The Graph are not scaling with the demands of high-volume chains, creating a significant market opportunity for Polar Sync’s technology,” said RaAres, partner at ChainRidge Capital. “Having backed this team on their first highly successful project, UniTrade, we have every bit of confidence that they will execute.”
About Polar Sync
Polar Sync is a world-class API service platform designed for decentralized applications (“dapps”). They provide a highly robust, scalable infrastructure for developers to index, query and retrieve data at exceptionally fast speeds across multiple blockchains. Their technology allows engineers to build beautiful, responsive interfaces utilizing real-time data, ultimately creating delightful user experiences and repeat product usage. Having recently closed $5.0m of financing, the Company is rapidly expanding its team, with newly open roles posted here.
p>SOURCE: Polar Sync
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