Ethereum observer Rated raises $12 million to expand

venture_investments venture investments investing
venture_investments venture investments investing

The Rated Labs project, which provides browser services on the Ethereum network, raised $12.88 as part of its Series A investment round to expand to other blockchains.

The main investor was the venture capital firm Archetype, with participation from Placeholder, 1confirmation, Cherry, Semantic, Robot Ventures, Chorus One, Factor and Maelstrom.

The startup’s total funding was $15 million. A few weeks ago, Rated received a $2.5 million seed investment. The company’s CEO, Elias Simos, added that it was a “pure equity” round, but declined to disclose the firm’s valuation.

Rated Labs is developing an Ethereum network browser that matches API and the oracle. According to Simos, the company’s service helps understand the current and historical state of a set of validators.

API systems allow developers and node operators to create reporting, monitoring, and benchmarking products, while the oracle acts as a gateway for bringing data into the Ethereum mainnet.

Rated will use the funding to expand the browser to other networks, including Polygon, Solana, Cosmos and Polkadot.

The company employs 12 employees. The head of the project plans to double the staff over the next few quarters, hiring mainly developers.

According to Simos, Rated has no direct competitors, but and Metrika can compete with it.

Previously, the blockchain gaming startup Proof of Play of former Zynga software development director Amit Mahajan raised $33 million.

Let us remind you that in the second quarter of 2023, Web3 projects attracted about $1.8 billion in venture funding – the figure decreased by 76% compared to the same period in 2022.

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