Blockchain Infrastructure Provider InfStones Nabs $66M in Extended Funding Round
InfStone said its fresh injection of capital from the extended Series B would help it bolster its team and focus on enterprise-wide expansion
InfStones CEO Zhenwu Shi | Source: InfStones
key takeaways
- The round was led by SoftBank Vision Fund 2 and GV Capital, the investment arm of Google parent Alphabet Inc.
- The extended round follows its Series B in February in which it managed to pick up a further $33 million in fresh capital
Blockchain infrastructure provider InfStones said it has edged closer to “unicorn status” with this latest funding round of an extended Series B, which saw the firm pick up a further $66 million.
The round was led by SoftBank Vision Fund 2 — one of the world’s largest technology-focused investment funds — and GV Capital, the investment arm of Google parent Alphabet Inc.
Participation in the round also came via venture capital firms INCE Capital and SNZ Holding as well as venture funds 10T Fund and A&T Capital. A representative from InfStones was not immediately available for comment on its post-money company valuation to date.
The fresh injection of capital will be used for enterprise-wide expansion and to accelerate growth, according to a company statement shared with Blockworks on Wednesday. That includes growing the firm’s team and its offerings, an expansion into new markets, and acquisition efforts.
“Our vision is to provide a rugged, easy-to-use Web3 environment to build a more transparent, intelligent world,” InfStones CEO Zhenwu Shi said in the statement. “We intend to drive rapid adoption of Web3 decentralized applications worldwide.”
InfStones’ latest raise follows on from its Series B raise in February in which the firm managed to pick up $33 million to further develop its platform. The company also had a $10 million Series A raise in August of last year, bringing InfStones’ total funding to roughly $109 million to date.
InfStones was founded in 2018 as a staking and infrastructure platform, providing services to institutional clients.
The company dubs itself as a “Platform-as-a-Service,” supplying blockchain infrastructure to Web3 innovators while boasting support to over 10,000 nodes on a “rapidly growing” list of blockchains including Ethereum, Chainlink, Polkadot, Cardano and Solana.
“InfStones provides the foundational infrastructure layer for the Web3 era, offering an enterprise-grade node management and staking platform that makes it painless for customers to participate in Web3 and DeFi,” Dennis Chang, managing partner at Softbank Investment Advisers, said.
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