Former Palantir Engineers Raise $20M To Simplify Web3 Tools

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excessa crypto-focused developer tool system has raised $20 million in a Series A round led by a technology-focused hedge fund. coat.

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Investors in this round include Coinbase Ventures, Mantis VC Chainsmokers, and angel investor Olivier Pomel, who is the CEO and founder of Datadog, among others. The round comes roughly two years after a $2.5 million seed round in August 2020 led by Signalfire with participation from Hustlefund, Alchemy Ventures, Figment and NEAR protocol co-founder Ilya Polosukhin.

The two-year-old company was founded by a former Palantir engineers are led by Galen Marchetti and Kevin Today in hopes of simplifying the tools for web3 developers. It currently provides services for the Ethereum, Avalanche and NEAR ecosystems.

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“We needed to raise capital because the company started as me and my co-founder, and the more we learned about the problems people face in these [blockchain] environment, the more we realized that the software that we would have to create, since two developers would take us five years, which is too long,” Marchetti said. “We’ve made enough sure that this tool is really useful for the people we work with, and we want to work faster.”

The new capital will be used to hire new engineers and product experts in developer tools so that it can release a new product within the next six to twelve months, Marchetti said.

“The biggest demand is for use case testing,” said Marchetti. “Many people want to do more complex testing involving shadow forking of various types of production systems.” (A shadow fork is having data that is on the regular mainnet, but being able to use it and tinker with software tools without financial risk.)

According to Marchetti, many developers today don’t have a private or secure test network environment on which to work. As a result, many hacks and bugs in the web3 space are due to the production system being poorly assembled due to the environment not being able to build early on, Marchetti said.

“Developers need a place where they can play around and see if their system modifications are safe and work,” said Marchetti. “It’s like building an airplane without using an air tunnel on the ground. There are a lot of cases when the plane immediately crashes. It’s the same here.”

In the long term, Kurtosis plans to continue developing tools that make it easier for engineers to work with web3, Marchetti said. “I think we will have every organization able to spin up their own testnets and developer networks that will be private and they don’t want to be seen by the outside world, or a public network with a lot of their different forms so they can be customized. for the exact use case they are being tested for.”


Credit: techcrunch.com /

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