Estonian blockchain startup Redstone secures $7M from Lemniscap 

Redstone, the Estonian decentralized finance oracle provider, has secured $7 million in a seed funding. The investment firm Lemniscap is the lead investor in this round, The Block reports.

  • Founded in 2021 by Jakub Wojciechowski, Redstone is a Web3 startup that creates cross-chain data oracle providing pricing data for Smart Contracts & DeFi protocols. Redstone uses the Arweave blockchain to create affordable data storage, using oracles.
  • Oracles are tools that provide real-world data, from financial asset prices to blockchain smart contracts. The startup provides such data feeds to over 30 chains including Ethereum, Avalanche, Celo, Arbitrum, and Fantom.
  • Lemniscap led the $7 million seed round. It is an investment firm based on Cayman Islands, specializing in investments in emerging crypto assets and blockchain companies. Coinbase Ventures, Blockchain Capital, Lattice, Arweave, and Maven 11 also participated in the round.
  • The new funding comes just over a year after Redstone’s first funding. In July 2021, it raised $525,000 from Maven 11 Capital, Arweave, 1kx, and several other investors.
  • Redstone will use the fresh funds to speed up the rollout of its product suite. It will include Warp Contracts, which are smart contracts that are suited to data processing and storage.