Web3 database developer Polybase raises $2M preseed
Decentralized database developer, Polybase has raised $2million pre-seed in a round led by 6th Man Ventures.
Created last year, 2022 by Gandhi and Calum Moore, Polybase is leveraging zero-knowledge technologies to create a decentralized database. According to Gandhi, the majority of current web3 developers use web2 or centralized databases to store structured data, which is counterproductive to their intended usage.
However, the objective of Polybase “is to become the default database for web3, enabling developers to create trustless automated decentralized applications at a cost 1000x less than on-chain storage,” he continued.
The funding round was led by 6th Man Ventures, Protocol Labs, Orange DAO, Alumni Ventures, NGC Ventures, CMT Digital, and several others. The startup’s goal is to provide a web3 substitute for antiquated systems like Google’s Firebase and open-source databases like Supabase and Postgres.
According to the Co-founder and CEO Sid Gandhi, Polybase started the fundraising last May and closed it in September. He declined to share the valuation, stating that it was a SAFE (simple agreement for future equity) deal with a minimal side letter.
Databases can be used by decentralized systems to store a variety of data kinds, such as user profiles and transaction history. To store information like player statistics, game preferences, and in-game assets while protecting the player’s privacy and security, a web3 gaming application might use a decentralized database.
Gandhi stated that Polybase uses zero-knowledge technology based on “many implementations”. For the prospective usage of its Miden technology, a STARK-based, Ethereum-compatible ZK-rollup, Polygon is one of its partners although, Gandhi clarified, “But, we are not bound to the Polygon ecosystem in any manner and our architecture is multi-chain.
Polybase is currently live on testnet and its mainnet is expected to launch in the coming weeks. To that end, the startup is also looking to expand its current team of five people by hiring a few people in the engineering and marketing functions, Gandhi added.
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