Company founders Ola Muse and Karthik Kalyanaraman left Coinbase in August. It took just two months to raise and close the lead round, which was led by Redpoint Ventures with participation from Mysten Labs and Howard University.
His company, Scale3, is an infrastructure startup that focuses on supporting blockchain node operators. Running the node is a complex process that needs very technical support and quick response when problems arise.
As the Web 3 infrastructure expands, constant monitoring and support of the nodes will be necessary, a niche this company aims to fill, according to the announcement.
1/ Hello world! We are a web3 infrastructure company that builds development tools. We are excited to announce (a) our first product: Autopilot, a platform for monitoring and maintaining your blockchain nodes and networks, and (b) our fundraising of over $5.3 million! https://t.co/ApX9kP452H
— Scale3 (@Scale3Labs) October 6, 2022
Node Analysis Panel
Scale3’s first product, called Autopilot, aims to simplify and automate the process of configuring, monitoring and updating blockchain nodes. Open source tools will be used to provide node operators with node and network telemetry, community intelligence and ecosystem-specific insights on their dashboard, he added.
Karthik Kalyanaraman, CTO of Scale3, acknowledged the challenges of operating node infrastructure at scale and commented, “We are bringing our experience and knowledge to solve this problem and are leveraging best practices and best open source tools to reduce the total cost of operations for the industry”.
Ola Muse added that the team has decades of infrastructure experience to address the issue of much-needed standards and tools for blockchain network and node operations. Muse commented that it currently takes operators about eight hours to update their nodes, but Scale3 can reduce that time to less than 20 minutes.
The first blockchain network to be supported by Scale3 is MystenLabs’ Sui ecosystem, with expansion to other networks planned for Q4.
Bear market builders
Bear markets are often used to build better infrastructure and invest more in research and development. This has been the case during the crypto winter of 2022, as funding for Web 3 companies continues to rise despite a collapse in crypto asset prices.
Crypto markets are currently down about a percentage point a day, falling back below the $1 trillion total market capitalization. There doesn’t seem to be any end in sight to the consolidation, which has been happening for more than three months.
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