Oracle developer Switchboard raises $7.5 million in Series A funding
Quick Take
- Tribe Capital and RockawayX co-led a Series A funding round for the web3 oracle developer Switchboard.
- Switchboard plans to use the funding to build out its oracle tools and expand use cases with web3 developers and community members.
The on-chain oracle startup Switchboard raised $7.5 million in Series A funding co-led by Tribe Capital and RockawayX.
Solana Foundation, Aptos and StarkWare provided additional support for the Series A round. Other Switchboard backers include Sui developer Mysten Labs, InfStones Global, OtterSec and Lemniscap, the startup posted on the social media platform X.
The firm plans to use the funding to expand its oracle tools and use cases with web3 developers and community members.
Switchboard provides permissionless oracle network services that link decentralized applications and real-world data. One of the firm's products, called Switchboard On-Demand, creates a low-latency, secure and cost-effective data solution for web3 applications, Switchboard wrote in the developer documentation.
"Switchboard On-Demand is built in line to support high fidelity financial systems where users can specify how data from on chain or off chain sources is ingested and transformed," the firm said.
The platform maintains over $1.78 billion in total value secured, according to the crypto data tracker DeFiLlama.
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