Paradigm leads blockchain indexer Nxyz's $40 million raise

Blockchain indexer Nxyz has emerged from stealth having secured $40 million in a Series A round led by Paradigm.

Backers in the round also include Coinbase Ventures, Sequoia Capital and Greylock Partners — as well as prominent angel investors such as Messari's Ryan Selkis and former Coinbase chief technology officer Balaji Srinivasan, according to a release today.

Nxyz aims to provide fast and reliable blockchain indexing and data services. The startup is being spun out of the private search engine Neeva.

Founded in 2019, Neeva has raised a total of $77.5 million in funding, according to data from Crunchbase. Its CEO and co-founder  Sridhar Ramaswamy will also become the CEO of Nxyz.

“We created Nxyz so that developers can focus on building at scale, and have the fast and simple method for indexing data they need. I’m convinced this is exactly the kind of innovation needed to help ensure the widespread adoption and success of web3," said Ramaswamy in the release.

The tool has been built by distributed systems engineers from Google and Neeva and can return blockchain data via its API in less than 200 milliseconds, according to the company.

The funds will be used to expand the Nxyz’s team and expand into different chains.

"Nxyz has a truly superlative team that has built the best data indexing infrastructure for web3, and we at Paradigm are thrilled to support them," Matt Huang, co-founder and managing partner at Paradigm, said in the release.