Algoracle, a decentralized oracle network that links the Algorand blockchain to the physical world, announced today it recently closed a seed funding round for $1.5 million (USD) to help accelerate the development and launch of Algorand’s native decentralized oracle network.
Algoracle’s seed round was led by Borderless Capital, with major contributions from the Algorand Foundation, Valhalla Capital, and Big Brain Holdings, and rounded out by strategic investors Xpand Capital, Parea Capital, OrcaDAO, GMI Capital, and EXA Finance. Thanks to the support provided by all of these organizations, the seed round was a resounding success and generated the aforementioned amount of $1.5 million, much to the delight of the community.
“We are excited to back Algoracle and their vision of bringing data on-chain in a decentralized fashion. This will help developers to build more powerful and sophisticated applications and smart contracts, enabling innovative and disruptive new use cases on top of the Algorand blockchain” said David Garcia, CEO and Managing Partner of Borderless.
To obtain data, smart contracts building on Algorand can call the Algoracle feed contract for values. Algoracle also plans to debut sports, cryptocurrencies, stock, and weather feeds over the coming months.
The Algorand Foundation expressed the following about Algoracle, “Algoracle is Algorand’s premier oracle, built natively on Algorand for and by Algorand developers. We’re excited for what’s to come!”