# API3 Foundation Company

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/api3-foundation-company

- Industry: Software
- Headquarters: Cayman Islands
- Website: www.api3.org
- Total disclosed funding: $3M
- Latest round: Seed (Nov 12, 2020)
- Investors on record: 6

## About

API3 Foundation Company Limited provides decentralized oracle solutions that bridge blockchain applications with real-world data sources, enhancing data accessibility for decentralized finance projects.API3 Foundation Company Limited specializes in decentralized oracle services, allowing seamless data integration for blockchain applications. It was founded in the Cayman Islands and has received Seed funding totaling USD 3.000 mn in November 2020, led by Placeholder Capital, with participation from Accomplice, CoinFund Management, Digital Currency Group, Hashed Ventures, and Pantera Capital. The company does not have any subsidiaries mentioned.API3 primarily offers decentralized oracle solutions designed to facilitate seamless data connectivity between blockchain applications and real-world data sources. The company’s core product, OEV Rewards, incentivizes decentralized finance (DeFi) projects by providing rewards that can be earned across various blockchain environments. This service is particularly targeted at lending protocols, which benefit from real-time data feeds and the security of decentralized oracles. API3 has established a diverse ecosystem, boasting over 200 data feeds that operate across multiple chains including Ethereum, Binance Smart Chain, and Avalanche, among others. The company’s customer base includes developers and organizations within the cryptocurrency and DeFi sectors, primarily in North America, Europe, and Asia, who seek reliable and efficient data integration solutions for their projects.API3 generates revenue through its innovative OEV Rewards program, which incentivizes DeFi participants to engage with its oracle services. The transaction structure is based on partnerships and collaborations with various lending protocols, allowing clients to earn rewards for utilizing API3’s data feeds. Revenue is derived from performance-based rewards, where clients earn tokens based on their usage of the oracles in their applications. This model fosters a B2B relationship, as developers and companies integrate API3’s services into their platforms to enhance functionality and user engagement. Specific pricing plans or individual costs for services have not been disclosed; however, the focus remains on attracting projects to leverage the decentralized oracle capabilities that API3 provides, thus enhancing their operational efficacy in the DeFi landscape.API3 Foundation plans to utilize its recent Seed funding of USD 3.000 mn, raised in November 2020, to enhance its product offerings and expand its market presence. While specific upcoming products have not been disclosed, the company aims to broaden its reach into new geographical markets beyond its current focus on North America, Europe, and Asia. The funding will support initiatives to strengthen their infrastructure and expand their data feed offerings, enhancing their appeal to potential clients in diverse regions.

## Funding rounds

- Seed, Nov 12, 2020, $3M — Digital Currency Group, Pantera Capital, Accomplice, Placeholder, Hashed Ventures, CoinFund Management

## Investors

- Digital Currency Group (https://capitalatlas.ai/funds/digital-currency-group) — Seed
- Pantera Capital (https://capitalatlas.ai/funds/pantera-capital) — Seed
- Accomplice (https://capitalatlas.ai/funds/accomplice) — Seed
- Placeholder (https://capitalatlas.ai/funds/placeholder) — Seed
- Hashed Ventures (https://capitalatlas.ai/funds/hashed-ventures) — Seed
- CoinFund Management (https://capitalatlas.ai/funds/coinfund-management) — Seed