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Ethereum explorer Rated raises $12.89 million to expand to other blockchains, including Polygon and Solana

source-logo  theblock.co 27 September 2023 13:43, UTC

Rated Labs, a crypto startup that offers infrastructure datasets for Ethereum, has raised $12.888 million in Series A funding to expand its offering to multiple other blockchain networks.

Crypto venture firm Archetype led Rated's Series A round, with participation from seed investors Placeholder, 1confirmation, Cherry and Semantic, as well as new backers Robot Ventures, Chorus One, Factor and Maelstrom, among others, Rated said Wednesday. The Series A round brings Rated's total funding to over $15 million, following $2.5 million in seed funding last year.

Rated began raising for Series A in February of this year and closed the round in May, co-founder and CEO Elias Simos told The Block, adding that it was a "pure equity" round. He declined to comment on valuation.

What is Rated Labs?

Rated Labs currently offers an Ethereum network explorer, a data API and an oracle. The network explorer helps understand the current and historical health of Ethereum's validator set, Simos said. The data API, on the other hand, allows Ethereum developers and node operators to build reporting, monitoring and benchmarking products, and the oracle acts as a gateway to bring curated data into the Ethereum mainnet, Simos added.

With fresh capital in hand, Rated now looks to expand its offerings to multiple Layer 1 blockchain networks, including Polygon, Solana, Cosmos and Polkadot, in the next year, Simos said. "Besides that, we are working towards further enhancing the explorer and API with new features and real-time functionality for all the networks we support. Down the line, we see playing a similar role in decentralized sequencer sets in Layer 2 networks," Simos added.

There are no direct competitors to Rated, according to Simos, who said beaconcha.in and Metrika, however, come closest to its current offerings.

There are currently 12 full-time employees working for Rated and Simos looks to double the headcount over the next few quarters by hiring mainly in the engineering department.

As part of leading the Series A round, Archetype's founder and general partner Ash Egan has joined Rated's board, Simos said.