Rated Labs has raised $12.888 million in Series A funding led by Archetype.
Rated currently offers Ethereum infrastructure datasets and now looks to expand into other blockchains, including Polygon and Solana.
Funding for Expansion
Crypto startup Rated Labs has successfully raised $12.888 million in Series A funding, paving the way for an expansion of its services to various blockchain networks.
Crypto venture firm Archetype took the lead in Rated’s Series A round, with contributions from seed investors Placeholder, 1confirmation, Cherry, and Semantic. Additionally, new backers such as Robot Ventures, Chorus One, Factor, and Maelstrom have joined the effort. This Series A round brings Rated’s total funding to over $15 million, following last year’s $2.5 million in seed funding.
Rated Labs initiated its Series A fundraising in February of this year, concluding the round in May. Co-founder and CEO Elias Simos described it as a “pure equity” round and declined to disclose the valuation.
What is Rated Labs?
Rated Labs currently offers a suite of services for Ethereum, including a network explorer, a data API, and an oracle. These tools enable users to:
- Understand the current and historical health of Ethereum’s validator set using the network explorer.
- Build reporting, monitoring, and benchmarking products for Ethereum through the data API.
- Access curated data within the Ethereum mainnet via the oracle.
With the newly acquired capital, Rated Labs aims to expand its services to multiple Layer 1 blockchain networks, including Polygon, Solana, Cosmos, and Polkadot within the next year. Simos also highlighted their plans to enhance the explorer and API with new features and real-time functionality for all supported networks. Additionally, Rated Labs sees a future role in decentralized sequencer sets in Layer 2 networks.
While there are no direct competitors to Rated Labs, Simos mentioned that beaconcha.in and Metrika come closest to offering similar services.
Currently employing 12 full-time staff members, Rated Labs intends to double its headcount in the engineering department over the next few quarters.
As part of leading the Series A round, Ash Egan, founder, and general partner of Archetype, has joined Rated’s board.