Bware Labs, a startup creating a platform for decentralized API infrastructure, connecting blockchain data consumers to nodes supplied by independent providers, has raised a total of $7 million after a $6 million follow-up funding round, Coin Journal learned from a press release.
Investors include Infinity Ventures Crypto, Woodstock, Hypersphere Ventures, Blizzard, Figment, Axia8, Kosmos Ventures, Impossible Finance, Coingecko Ventures, Connext, and others.
Among those in the previous round were GBV, Spartan Group, and Morningstar Ventures, who also took part in the recent one.
Eliminating reliance on centralized node operators
Bware Labs aims to resolve a common issue: today, most infrastructure relies on centralized node operators to interact with the blockchain. There are such services on major blockchains, such as Infura on Ethereum (ETH/USD), a traditional company accepting payment in fiat.
Performance and reliability without compromise
Bware Labs also aims to solve problems with unreliable blockchain access. Its end goal is to ensure reliability and performance without compromise, exceeding the standards set by its centralized competitors.
In a first for the industry, node providers will be incentivised by being allowed to stake BWR tokens for rewards and getting a share of the platform revenues.
Viable data streams via RPC, WebSocket
Users will avail of high quality service via geographical node distribution, which will ensure viable data streams via RPC, WebSocket, or traditional HTTP REST protocols depending on the chain supported.
Flavian Manea, CEO of Bware Labs commented:
We are very excited to have finalized this investment round, for two main reasons: One is about the strength we brought into our team, by onboarding experienced investors, from both crypto and traditional finance, big tech projects and fellow infrastructure players. The other reason is related to our company’s growth and the expansion of our tech offering which can now happen at an accelerated pace due to the financing we were able to secure and the support of our investors.
Brian Weaver, Engineering Manager at Hypersphere added:
Hypersphere is excited to partner with Bware Labs on this opportunity. The team’s expertise and vision will enable builders to focus on developing multi-chain applications while eliminating much of the costly infrastructure overhead. Bware has built a strong team of experts who are capable of meeting the requirements of today’s projects while simultaneously scaling to meet the needs of future chains and customers.
Lydia Chiu, Vice President of Business Development at Ava (AVAX/USD) Labs said on behalf of Blizzard:
Bware Labs is playing a key role in expanding and hardening the infrastructure available to builders across the Avalanche community. We look forward to seeing its team and technology take the next leap forward.