PARSIQ blockchain, a motoring and intelligence platform, has raised a total of $3 million in a Series A funding round led by various venture capitalists that are prominent in the crypto ecosystem. Notably, the funding is aimed at developing a strategic partnership for PARSIQ, in addition to better positioning the platform in the crypto ecosystem.
According to a press release from the firm to various news outlets, the participants of the just concluded investment pool included Solana Foundation, Mindworks VC, Krypital Group, Axia8 Ventures, CoinUnited, Elevate Ventures, Transfer Swiss, and Sanctum Ventures among others. Additionally, Evan Cheng, Director of Research and Development at Facebook’s Novi Financial (initially Calibra), contributed to the round as a stand-alone investor.
The latest funding round also happens to be the first in the history of PARSIQ, seeing as it had initially acquired its entire funding from a public token sale back in 2019.
Moreover, the investment round will give major players a stake in PARSIQ’s success. The project will collaborate with the new investors in various aspects including product development, go-to-market strategies, and also marketing. In this way, PARSIQ will benefit not only from their partners’ prowess but also from their market position.
Specifically, PARSIQ’s alliance with Solana Foundation aims at bringing Smart-Triggers to Solana’s projects, easing reading and responding to blockchain data even without the development of custom solutions. Currently, PARSIQ supports major blockchains including Bitcoin, Ethereum, Solana, and Binance Smart Chain, and others.
PARSIQ CEO, Tom Tirman spoke saying:
“We are excited to have received the support of this diverse and highly regarded set of crypto ecosystem participants. While our runway was more than sufficient from our earlier raise, we felt that to guarantee the success of our project, we needed additional support from major players. With their help, we will be able to mount the strongest marketing and development push for PARSIQ yet.”
Anatoly Yakovenko, the CEO of Solana Labs said:
“Having reliable and simple access to blockchain data on Solana means that projects building on our platform will have fewer headaches in building out their stack, allowing them to concentrate on their product, and PARSIQ is positioned to help bridge the off-chain and on-chain world.”
PARSIQ is a next-generation platform for intelligence and monitoring by offering analytics tools for blockchain tech across a cluster of industries. The workflow automation platform also functions as a multi-level bridge between off-chain applications and blockchains.
The technology underpinning PARSIQ is a proprietary ParsiQL programming language that enables users to monitor and interpret continuous data streams on the blockchain in real-time. This makes it possible to monitor traders and normal user wallets.
Solana, on the other hand, is a top-level blockchain that utilizes Proof of Stake (PoS) to deliver scalability without compromising security or decentralization.
For the first time, Solana unveils synchronous parallelizing of transaction processing on GPUs, using Proof of History (PoH). This allows speedy, low latency, and relatively cheap transactions all in layer 1, without sharding.
Developed by an expert team of former Apple, Dropbox, Intel, and Qualcomm engineers, Solana is led by The Solana Foundation, and its purpose is advanced by a loyal group of decentralized developers worldwide.