Luabase Announces Successful $4.5M Seed Funding

Luabase, which spans the entire blockchain data stack to enable developers and data analysts to setup, query and build on top of on-chain data an order of magnitude faster than building in-house, all through an easy-to-use, single API, has successfully concluded a $4.5M seed round of fundraising.

Investors in the seed round include Costanoa Ventures. led by John Cowgill (Partner) and Jared Franklin (VP): 6th Man Ventures, led by Mike Dudas; Shaan Puri. founder The Milk Road; Furqan Rydhan, founder of  ThirdWeb; Jonathan Ma. founder of Artemis;  Jack Herrick, founder of WikiHow; and Josh Hannah, former GP at Matrix.

Luabase was founded in 2022 by Mike Ritchie, founder of reverse ETL pioneer SeekWell, which was acquired by ThoughtSpot in 2021.The founding team included experts in the modern data stack, bringing scaling and analytics expertise to crypto. The company is 100% distributed.

The volume of data on public blockchains is growing at an exponential rate. Developers and data analysts need to query this data at scale for a range of use cases– investing, developer platforms, gaming, trading, lending, fraud detection, and more. But no single provider makes it easy to query blockchain data accurately at scale.

Luabase , which has users from ThirdWeb, OpenZeppelin, and Artemis among others, spans the entire blockchain data stack so developers and data analysts can setup, query and build on top of on-chain data an order of magnitude faster than building in-house. The easy-to-use, single API has already served over 5 million API calls.

Data teams must do months of data engineering work, such as pay for access to the raw data for each blockchain, create custom ETL scripts, and store data in a data warehouse. Other blockchain data providers like Dune don’t have an API and rely on user-generated datasets that can be less reliable. Quicknode and Alchemy provide access to raw blockchain data that isn’t analytics-ready.

“Luabase’s quick and easy access to blockchain data has been extremely useful for detecting web3 security threats on the Forta Network,” said Mariko Wakabayashi, lead ML engineer at OpenZepplin. “Luabase provides labeled addresses and supports multiple blockchains, especially those that are missing in BigQuery Public Datasets such as Polygon and Avalanche. Luabase will continue to help Forta analyze past threats and build machine learning based solutions.”