Web3 Titans Back RedStone Oracles' Exclusive Angel Round
As the pace of Web3 innovation continues to surge forward, RedStone has caught the eye of the space's most influential builders.
In an exclusive angel round led by renowned industry pioneers such as Stani Kulechov, Sandeep Naiwal, Alex Gluchovski, Emin Gün Sirer and others, RedStone has once again demonstrated its propensity to disrupt and redefine the status quo.
RedStone Oracles Angel Round
The angel investment follows RedStone's previously successful $7.5 million funding round, supported by respected VCs, including Lemniscap, Blockchain Capital, Maven11, and Coinbase Ventures. From its inception in 2021 to its initial production deployment in January 2023, RedStone has been committed to its mission of providing the growing dApps ecosystem with customisable, low latency data feeds across all EVM L1 & L2 networks.
Some of the most titled builders in the Web3 scene participate in the round, including:
Stani Kulechov – Aave Companies Founder and CEO
Sandeep Nailwal – Polygon Co-Founder
Alex Gluchovski – Matter Labs (zkSync) CEO & Co-Founder
Emin Gün Sirer – AvaLabs (Avalanche) CEO & Co-Founder
Coinflipcanada – GMX Core Contributor
Jacob Blish – Lido Head of BD and Partnerships
Richard Ma – Quantstamp CEO
Marco Cora – Matter Labs (zkSync) SVP Business and Operations
Patrick Dai – Qtum Founder
Justin Reyes - Lido Head of DeFi
RedStone’s modular architecture is underpinning the next wave of dApps. Their unique and scalable approach is crucial for the future of the Web3 scene, as stated by Aave Companies Founder and CEO, Stani Kulechov, who affirmed the importance of RedStone’s work. He stated, "RedStone has created a unique, modular oracle that supports both new and established dApps on L1 and L2 networks. Combined with strong security measures and their ability to deliver non-standard data, RedStone is poised to provide choice and flexibility for the industry."
RedStone's potential is maximised by its position in a largely stagnant oracle market that has seen limited innovation since the publication of Chainlink's whitepaper in 2017. In contrast, RedStone aims to ride the wave of emerging Web3 trends, offering a customisable data scalability layer similar to L2s for blockchains. Its Data Access Layer can reduce gas costs by up to 90% while delivering sub-second price feed latency, providing unique and otherwise unavailable data feeds in the industry.
Overcoming the considerable challenges of technical debt and gas optimisation problems, RedStone's inbuilt modularity allows it to respond rapidly to market trends. This adaptability has led to RedStone's On-Demand model being ready for use on over 40 different L1s and L2s, providing a strong competitive edge.
Jakub Wojciechowski, RedStone CEO & Founder, attests to the technological prowess of the oracle model, saying, "Along the way we had to solve countless tech challenges such as Assembly-level optimisation of costs, so we are confident that our implementation is the most technologically advanced on-demand oracle model."
Moving beyond the limitations of the "One Oracle Model Fits It All" approach, RedStone offers a choice of three distinct models, namely Core, Classic, and X, each designed to cater to the diverse business use-cases that builders may encounter. Read more on that here.
Alex Gluchovski, Matter Labs (zkSync) CEO & Founder, applauds the innovation brought by startups like RedStone, stating, "Creative startups who come and challenge incumbents are very important as they boost growth and ecosystem vibrancy."
In its next phase, RedStone plans to continue its collaboration with top DeFi protocols, focusing on designing new features and maintaining stringent security standards.