Ethereum Developer Platform Tenderly Raises $15M in VC Funding
The latest crypto-related project to receive big venture capital investments is a platform for Ethereum developers called Tenderly.
Blockchain infrastructure startup Tenderly has completed a Series A funding round that netted it $15.3 million. The round, which follows an earlier one this year for $3.3 million, was led by blockchain development company Accel. The funding will help the firm expand its existing team of 14 and make hires in other locations.
The company aims to ensure fledgling blockchain developers don’t finding out about smart contract errors when users discover issues and complain. It hopes to continue developing its toolset to help more developers build on Ethereum without dealing with technical headaches. The firm has a “Visual Debugger” which is already used by “tens of thousands” of Ethereum developers, it claims.
Tenderly CEO Andrej Bencic told tech news outlet TechCrunch:
“Tenderly, from its inception, has been a solution to one of our own problems. We wanted to make it as easy as possible to observe and extract information from Ethereum and the adjacent networks.”
Speeding up Ethereum development
The Serbia-based startup hopes that its product can help developers get their code out quicker without compromising on usability. Most of its clients so far have been small startups aiming to tap into DeFi related applications and protocols, the report added.
Commenting on the market movements, Bencic added:
“We built most of Tenderly in the bear market, and one thing we saw is that even though you get these concerning prices, people that are excited about the tech are excited about the tech whether the coins are up or down,”
Ethereum itself is poised for its own upgrade when the London hard fork is rolled out next week.
Ethereum prices have been mostly holding on to their gains and inching this week. At the time of press, ETH was changing hands for $2,342, up 6.5% since its weekly open.
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