Web3 oracle provider Stork Network raises $4 million in seed funding

The web3 oracle provider Stork Network raised $4.7 million in seed funding. 

Lightspeed Faction and Lattice led the round, which saw additional participation from CMS and Wintermute. The firm will use the funds to bolster its product offerings — particularly with Stork Perps, according to a release shared with The Block. 

Stork Labs, the core contributor behind the Stork Network, aims to create easier, cheaper and more flexible on-chain data options for decentralized protocols. One tool the firm is developing for this is The Open Data Market.

The tool connects data publishers with protocols, decentralized applications and other data consumers through a Composite Oracle Service. Stork Perps is the firm's first COS. 

"Developers need open, reliable, and flexible data provisioning to power the next wave of onchain applications focused on new primitives and enhanced user experience," Stork Labs wrote in an Aug. 8 release introducing The Open Data Market.

Update: Aug. 22 15:34 UTC: Increases funding raised to $4.7 million, includes Lattice as co-lead in the funding round.