Zeeve raised $2.65 Mn in a seed funding round from Leo Capital and Blu Ventures
The startup will invest the fresh capital to expand its tech team and bolster product development and increase its reach among DApp developers
Zeeve simplifies the deployment of DApps on blockchain nodes on its no-code platform
No-code blockchain infrastructure automation platform Zeeve has raised $2.65 Mn in its seed funding from Leo Capital and Blu Ventures.
The startup will invest the fresh capital to expand its tech team, bolster product development and increase its reach among Decentralised App (DApp) developers and international companies.
Web3, like the Web2 of yore, runs on backend infrastructure called blockchain nodes. These nodes are hosted on cloud servers across the world and any DApp developer can access these nodes to run their DApps on any blockchain with smart contracts of their choice.
According to a report by Cointelegraph, more than 80% of Ethereum nodes are located in the United States and Germany. Many other blockchains have high concentrations of nodes in a select few countries.
DApp developers can place their nodes wherever they want in a few minutes. Zeeve’s platform also provides all stakeholders with analytics and real-time alerts.
Zeeve also claims that it supports most of the public blockchain protocols, including Bitcoin, Ethereum, Polygon, Binance Smart Chain, Tron, Avalanche, and Fantom, among others. Zeeve’s platform also supports permissioned blockchain protocols, including Hyperledger Fabric, R3 Corda, Fluree and Hyperledger Sawtooth.
Founded in 2021 by Dr Ravi Chamria, Ghan Vashistha and Sankalp Sharma, Zeeve claims to have more than 10,000 developers, blockchain startups and enterprises among its customers.
India’s Web3 Ecosystem
The Web3 ecosystem has been seeing a lot of activity for some time. Recently, DAO platform Samudai raised $2.5 Mn to help manage and build communities on Web3. Further, social media platform Hike raised funds early in May to build its Web3 gaming platform, Rush Gaming Universe (RGU).
Questbook, a Web3 startup that helps developers get access to the capital they require for their projects, raised $8.3 Mn in May. In the same month, crypto unicorn CoinDCX set aside a fund of INR 100 Cr to accelerate Web3 ecosystems in the country.
India’s Web3 ecosystem is still in its nascent stages, with most of the startups focusing on building Metaverses and NFT ecosystems along with the said Metaverses. The type of applications notwithstanding, the ecosystem has attracted funding from across the larger startup ecosystem.
However, a focus on the more cosmetic aspect of Web3 means that India’s Web3 and decentralised startup ecosystem runs the risk of lagging behind in terms of innovation and value generation in the long term. With NFTs and crypto being shakier than ever before – Bitcoin has dipped almost 25% in value over the last five days, the larger Web3 ecosystem will prove to be vital to creating value in the long term.