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Crypto data platform startup Shadow, which says it can lower development costs on Ethereum, has raised $9 million in a seed round led by Paradigm.
Additional investors included individuals working at Coinbase Ventures, Electric Capital, Ethereum Foundation, Uniswap and Flashbots, the company said in a statement to The Block.
The company’s first product, which “allows anyone to extend any contract to get the exact data they need with custom events and viewing features,” is now open for public demo. Using so-called ‘shadow forks’, private execution environments are designed to mirror the state of a public blockchain in real time.
The platform can be used to address issues commonly seen by onchain analysts and researchers, including inadequate events, in addition to contract optimization and data ergonomics.
Sibling co-founders
Shadow co-founders Alvin and Emily Hsia.
The startup was co-founded by siblings Alvin and Emily Hsia, both of whom have previous tech experience at Airbnb and have worked together in and outside of crypto for the past eight years. They said in an interview with The Block that they were both serious about blockchain development in the “DeFi summer” of 2020.
“The problem we are solving is that blockchains are fundamentally a new type of database, but it is still far too difficult to work with the data,” said Shadow CEO Alvin Hsia, adding that most of the interesting data is generated on blockchains through smart technologies. contracts. “But the problem is that smart contract event logs today are much more limited and limited than how they work in web2.”
The product is already live and early customers have added DeFi protocols and web3 platforms, he added.
Shadow plans to use the new funding to hire more engineers, said Emily Hsia, who serves as CTO.
“We worked closely with Alvin and Emily on the development of Shadow during Paradigm’s Entrepreneur in Residence (EIR) Program,” said Paradigm Chief Technology Officer and Research Partner Georgios Konstantopoulos in an emailed statement. “We believe Shadow Logs will enable teams to send more cost-effective smart contracts, access more data and accelerate teams’ time to market. We are beyond excited to work with this great team.”
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