Mar 3, 2023
$2M Pre-Seed Round
Polybase, a web3 database company, has raised $2 million in pre-seed funding to build the default database for web3 developers. The funding round was led by 6th Man Ventures and included participation from Protocol Labs, OrangeDAO, Alumni Ventures, NGC Ventures, CMT Digital, and Upfront Ventures.
Polybase's platform equips web3 developers with the tools to build decentralized applications with trustless automation at a fraction of the cost of on-chain storage. We will focus on three groups of customers: Web3 social and chat apps, oracles & DEXs, and DAOs.
According to us, existing web3 database solutions have too many performance, cost, and feature tradeoffs. Using web2 databases defeats the purpose of building decentralized applications. We aim to deliver the performance and cost of a web2 database secured by the decentralization of ZK rollups.
Our founding team, Sid Gandhi and Calum Moore, has strong web3 and data analytics expertise, having led strategy and software development at Cruise, Snapboard, and Apple. We understand developers' needs for customizable access control and permissions.
Before writing the first line of code, we conducted hundreds of interviews with web3 developers. We found a common thread: developers were using IPFS/Filecoin for file storage but using a web2 database for other storage needs. Polybase aims to provide a better solution by delivering a high-performance, end-to-end encrypted web3 native database.
Our platform enables web3 SaaS. Web3 SaaS solves data privacy and access issues that plague current SaaS models by unlocking data access control and allowing developers to build software that is privacy-preserving and less siloed.
With web3 SaaS, users have full control over their data, and developers can build applications that don't rely on centralized databases. Web3 SaaS provides users with end-to-end encryption, ensuring that their data is secure and only accessible to authorized parties.
Polybase plans to use the funding to expand the team, develop additional technical capabilities, and launch a payment token. The company's vision is to become the default database for Web3. With the support of its investors and the talented Polybase team, the company is excited to make this vision a reality and restore humanity’s control of its information.