The Graph has raised $5 million from investors to build and launch a decentralized network for indexing and querying blockchain data.
The San Francisco-based company said in an announcement on Tuesday that it closed the funding in a Simple Agreement For Future Tokens (SAFT) from several crypto funds including Framework, ParaFi Capital, Coinbase Ventures and Digital Currency Group.
The Graph is an indexing protocol for organizing and accessing data from blockchains and storage networks, set to launch later this year. In addition to this, the protocol allows developers to build decentralized applications on Ethereum and IPFS using a GraphQL API, according to the firm.
Co-founder Yaniv Tal contends that blockchain developers have struggled to expand their ideas because the infrastructure for Web3 wasn’t ready.
“Teams used to spend months building proprietary indexing servers and operating the servers themselves. The Graph built an indexing protocol that allows developers to build beautiful consumer-grade applications without running servers,” Tal said.
Tal said Web3 aims to create new ways for developers to work together.
“The Graph’s decentralized network is going to make sure that the crypto economy has a reliable open data layer for building novel applications on a trustworthy foundation,” Tal said.