Switchboard Raises $7.5 Million in Series A Funding to Expand the Oracle Network
Switchboard Raises $7.5 Million in Series A Round Led by Tribe Capital and RockawayX, with Participation from Solana Foundation
The on-chain Oracle network Switchboard has successfully secured $7.5 million in Series A funding, co-led by Tribe Capital and RockawayX. Notable backers such as Solana Foundation, Aptos, StarkWare, and others also participated in the round. This recent investment follows a $3.5 million seed round raised three years prior, bringing the company's total funding to $11 million.
With over $1.78 billion in total value secured, Switchboard aims to use the funds to expand its Oracle tools and use cases, particularly with its Switchboard On-Demand product, which offers low-latency, cost-effective data solutions for decentralized applications. The company aims to further its mission of providing fast, secure, and customizable Oracle solutions for the growing Web3 ecosystem.
As the Web3 landscape continues to evolve, the demand for reliable and efficient Oracle solutions is expected to increase. Switchboard's latest funding round positions the company to capitalize on this growing market and solidify its presence in the decentralized oracle space.