MakerDojo.io, a blockchain software as a service (SaaS) startup, has secured $1.5 million in a pre-seed funding round led by Leo Capital. 

The B2B startup looks to utilize these funds towards talent acquisition and product innovation aimed at expanding offerings for its blockchain protocols. 

MakerDojo.io | Data Analytics Platform For Web3

Founded by Vignesh Aigal, Ajay Chintala and Priyank Chodisetti in 2021, MakerDojo.io is a data analytics platform for Web3 that helps users query blockchain data and draw insights with shareable dashboards.

The business-to-business (B2B) startup leverages artificial intelligence (AI) to automate data extraction processes for blockchain networks. 

Speaking about the development, Priyank Chodisetti, Co-founder of MakerDojo.io, said, 

“We have seen in our early customers the challenges of accessing blockchain data and the effort it takes to draw insights. Through MakerDojo’s platform, we aim to make accessing Web3 analytics simpler and faster while reducing the barrier to entry.”

Leo Capital is a venture capital fund investing in early-stage, technology-centric opportunities, primarily in India. The firm invests anywhere from $500K-$2M in early seed rounds or pre-Series A rounds.

This investment in MakerDojo.io is the first in Leo Capital’s $125 million fund III’s portfolio. Other startups in the web space in which Leo Capital has invested include Dezy, Zeeve, Totality, Stratzy and BuyStars.

Web3 And India

In the last two years, Web3 has grown exponentially, and the segment is spreading its roots in India. VCs like Coinbase Ventures and Jump Capital and traditional institutions like Sequoia Capital India, Leo Capital and Lightspeed are aggressively backing Web3 startups.

CoinDCX, through its corporate venture arm DCX Venture, has backed multiple startups in the web3 space, EPNS being a recent investment. It is also investing in education and building an innovation centre to develop products in the web3 space. 

In August 2022, Cricinshots, a Web3 cricket strategy game, raised an undisclosed pre-seed funding round from Antler India. NFT, a product of the web3 space has given rise to an NFT economy. Several NFT startups received funds, including cricket NFT platform Rario, which raised $120 Mn in a Series A round.

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