Regardless of well-known volatility within the crypto market, crypto startups constructing infrastructure to assist the trade’s long-term progress have appeared to fare higher than their friends. That is very true for knowledge, a universally vital enter for web3 firms, with crypto knowledge companies like Messari reportedly fundraising amid a down market.
Goldsky, an information infrastructure firm for crypto startups, has raised $20 million in a seed spherical led by Felicis and Dragonfly Capital. The spherical brings their whole funding to $22 million, which incorporates capital from angel buyers equivalent to Elad Gil, Plaid founders Zach Perret and William Hockey, Zhuoxun Yin of Magic Eden and Uniswap Labs.
The corporate’s co-founder and CEO Kevin Li mentioned that whereas Goldsky closed the seed spherical earlier than this summer time’s dropoff in crypto costs, the corporate’s give attention to infrastructure has given it an edge to climate bear market circumstances.

Goldsky co-founder and CEO Kevin Li Picture Credit: Goldsky
“I believe there are a whole lot of extra aspirational instruments which are on the market, and by all means, we’d like these instruments. That’s how we advance the state of crypto. However as an infrastructure firm who’s advertising and marketing to successfully each different crypto firm, what we’re constructing is extraordinarily apparent and invaluable to our prospects,” Li informed TechCrunch in an interview.
Li met his co-founder whereas each of them have been working in knowledge engineering roles at digital insights firm Heap Analytics. Li’s subsequent jobs at Google and Meta finally led him to 0x Labs, the place he helped construct a decentralized trade aggregator referred to as Movement, which he described as “Expedia, however for buying and selling tokens.”
Whereas Li noticed what he described as staggering volumes on the platform, he seen that the primary bottleneck for additional progress was not really across the engineering course of.
“It was extra about, how can we get the information we have to ship these options, as a result of we are able to make the prettiest [product] on the planet, but when it doesn’t really symbolize actual knowledge, nobody’s going to make use of it,” Li mentioned.
Li started constructing Goldsky to deal with the costly problem for web3 firms that comes with studying and processing knowledge from deployed sensible contracts. By automating the creation of knowledge pipelines, Goldsky permits its prospects to spend extra time engaged on constructing their core merchandise somewhat than parsing the information feeding into these merchandise, Li defined.
Firms, particularly startups, lack the time or experience to determine parse on-chain knowledge, which is a reasonably specialised talent, he added. Whereas there are different startups equivalent to The Graph working to unravel comparable issues, Li mentioned Goldsky’s differentiation lies, partly, in its give attention to offering correct real-time knowledge to firms.
“For those who simply look throughout the remainder of the spectrum of different firms on this house, you’ll see that there are fairly a number of firms that construct APIs. There are fairly a number of firms that enable for individuals to question SQL databases,” Li mentioned. “I believe each these are very invaluable, and also you want each of these in an effort to construct a profitable enterprise, however they’re solely a small piece of the larger knowledge challenges that each different firm has, and I believe significantly real-time knowledge is definitely actually laborious to get proper.”
Li famous that Goldsky, based final October, was one of many earliest firms to speculate closely in real-time knowledge. He shared an instance as an example why offering real-time knowledge in crypto is so difficult:
“What’s attention-grabbing about crypto is that there’s really a form of a settling section. For those who’re very near the top of the chain, it really takes time for a few of these transactions to be confirmed, so your knowledge shouldn’t be really really immutable whereas transactions are getting confirmed,” Li mentioned.
The corporate is at present targeted on serving crypto-native firms equivalent to DeFi protocols, although Li declined to share numbers on what number of prospects Goldsky has or its income/profitability. He did share examples of among the firm’s present prospects, together with fellow crypto infrastructure agency Arweave and NFT firm POAP.
The workforce is comprised of 8 individuals right this moment, all of whom are engineers working remotely (half are positioned in Canada, in accordance with Li). Whereas Li plans to make use of the contemporary funding so as to add some new headcount in areas equivalent to product administration and design, he mentioned that he needs to maintain the workforce round ~15 whole workers for now to make sure Goldsky is hiring the suitable individuals.
Sundeep Pechu, a basic accomplice at Felicis, led the enterprise agency’s funding into Goldsky. Pechu mentioned he sees Goldsky’s largest competitors coming from firms trying to construct their very own knowledge infrastructure in-house somewhat than from different startups within the house.
“Once we have been doing diligence, we have been speaking to a bunch of firms, and we have been asking them what they have been utilizing. Nearly all people was constructing one thing internally, so it’s simply such a nascent market,” Pechu mentioned.