Blockchain startup MakerDojo.io raises $1.5 million in a pre-seed funding round. The funds will majorly be utilised for product development and technology innovation with an aim to expand with new offerings
India and USA-based Blockchain SaaS Start-up, MakerDojo.io, raises $1.5 million in a pre-seed funding round led by Leo Capital. The Start-up has become the first addition to the portfolio of Leo Capital’s $125 million Fund III, which had its first close last month. The round also saw participation from the US-based investors, UP2398 and Jan M. Leeman.
It was founded in 2021 by Priyank Chodisetti, a Stanford Alumnus and former tech leader at Google and Coursera, along with Co-founders Vignesh Aigal and Ajay Chintal. MakerDojo intends to simplify the complex, error-prone, and capex-heavy blockchain data extraction process for developers. It provides an AI-backed Web3 Data Analytics platform that enables enterprises and developers to seamlessly draw insights and run queries for their DApps.
Speaking on the round, MakerDojo’s Co-founder, Priyank Chodisetti said, “As Web3 matures, we believe that data-driven development would be essential to reach its full potential. We have seen in our early customers the challenges of accessing blockchain data and the effort it takes to draw insights. Through MakerDojo’s platform, we aim to make accessing Web3 analytics simpler and faster while reducing the barrier to entry.”
Ravi Srivastava, Partner, Leo Capital also commented on the investment as he said, “Blockchains are data treasure troves with transactions representing everything from NFTs to sophisticated DeFi trades. However, using this data is complex and expensive. MakerDojo makes it accessible to draw insights by providing an AI-backed data platform for Web3. Priyank, Ajay and Vignesh are among the very best when it comes to tackling large scale data systems and bring their deep expertise to the web3 ecosystem. We're delighted to partner with them on this journey.”
The Start-up’s latest round of funding will be largely deployed towards talent acquisition and product innovation, with an aim to expand offerings for all major blockchain protocols. Currently, MakerDojo’s solution supports blockchain protocols like Celo, Ethereum, Polygon, and NEAR. They work closely with the Celo foundation and also count several marquee players among early customers.