QuickNode, a blockchain implementation platform, has raised $60 million in a Series B round for an $800 million valuation, the company’s CEO and co-founder Alex Nabutovsky told ExamPaper.
The round was led by 10T Fund, with participation from Tiger Global, Seven Seven Six Ventures and QED Investors, among others. This fundraising comes about 15 months after the company’s $35 million Series A round. In total, the company has raised more than $105 million, Nabutovsky said.
“When we raised a $35 million round, we were 20 people. Now we are more than 120 people,” said Nabutovsky. “We will continue to expand the team. The amount of business coming in is incredible, so we want to continue building these layers of abstraction, growing our technology and expanding into new regions.”
While the capital will focus on expansion, the company also wants to use the funding for growing blockchain adoption, Nabutovsky said. “If we want to have mass adoption of blockchain, as we’ve seen over the past year, you have to provide enterprise-level infrastructure,” he said.
Founded in 2017, QuickNode aimed to bring Web 2.0 infrastructure to web3, but over time things got out of hand, Nabutovsky said. The third and fourth quarters of 2022 were “record quarters for revenue” as it surged more than 300% thanks to Web 2.0 giants and web3 native companies piling up, he added.
Its customer base includes major Web2.0 companies such as Twitter and Adobe, as well as web3 platforms such as Coinbase, OpenSea, Chainlink, 1inch Network, Dune Analytics and Phantom.
The platform handles more than 200 billion API requests monthly and is “always available” with an uptime of 99.99%, meaning only four days of downtime per year, Nabutovsky said. “Many of our customers came here because we can guarantee 99.99% reliability, latency and speed,” he said.
It also works with 16 blockchains, including Bitcoin, Ethereum, Solana, Polygon, Binance Smart Chain, Avalanche and Abritrum, according to the website. “We plan to add at least four to five more chains by the end of this year,” Nabutovsky said.
“We have over 50,000 developers on the platform who are constantly asking for new things. But for us, the roadmap is always adding protocols and working with these fundamentals. It’s not just about having a protocol, but building a relationship with the foundations of being an extension of their ecosystems so that they and their developers can have a better experience,” he said.
The long-term goal for QuickNode is “simple,” Nabutovsky said.
“We want to get to the point where any company that wants to build or interact with blockchain [technology] will use us, ”Nabutovsky added. “We would like to be the AWS or Azure of blockchain. The industry is very ripe for that and the production is amazing.”