Socket Supply Co. Announces $3.5M Raise Led by Blockchain-Focused Investment Firm CoinFund and Galaxy Digital To Help Materialize Web3
Socket Supply Co., a developer tools company, advancing cloud computing beyond the data center, announced a $3.5M in seed funding, led by blockchain-focused investment firm CoinFund and Galaxy Digital. The raise also saw participation from Castle Island Ventures, PeerVC, and 100 Acre Ventures.
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“We want to help developers build the same kind of highly distributed systems that we are, there are a ton of practical advantages.”
Cloud computing is still a complex field today. Decentralized computing is even more difficult and less understood. Socket Supply Co. is changing that, specifically for web developers.
“Cloud computing allowed new companies to exist where they couldn’t before. It created a new market by offering infrastructure as a service” said Jake Brukhman, CEO and founder of CoinFund, who was once a technical product manager and engineer at Amazon. “There is now a massive wealth of new, very powerful hardware that lives outside the data center. Socket Supply is unlocking that new hardware as reliable infrastructure, and that is a massive step toward true decentralization.”
Platforms like AWS aren’t just difficult. Their cost, inherent complexity, and incumbency represent significant risk. Although these platforms have their place and serve a purpose, there is now more hardware outside of data centers than within all data centers combined, presenting a significant opportunity. Socket Supply Co. is doing the hard work that makes it possible for web developers to deliver on Web3 by combining peer-to-peer and browser engine technology. Along with their cloud console product, they will help web developers to use platforms like AWS, and command a whole new class of infrastructure.
Their cloud console product currently in alpha, Operator Tools, streamlines essential web developer workflows for Serverless Functions, NoSQL, and cloud storage like S3. The product’s real-time, p2p collaboration features are made possible by their framework, which allows them to build truly decentralized, native mobile and desktop apps, all with 100% web-based technology. Socket Supply plans to open source this framework, and is looking for technology partners to provide early feedback.
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“Cloud computing is hard for web developers. Decentralized computing is even harder. We founded Socket Supply Co. to fix that. We wanted to build a solution with real-time collaboration, faster, local-first user interfaces, and we wanted to build this without hosting a service, and without handling anyone’s data,” said Socket Supply’s CEO, Paolo Fragomeni. “We want to help developers build the same kind of highly distributed systems that we are, there are a ton of practical advantages.”
Fragomeni’s co-founders are Dominic Tarr, CPO, and Jake Verbaten, CTO. Together with Paolo Fragomeni they plan to use the funds to support the growth of the team through strategic hires, particularly in the areas of protocol, open source, and product development. Their roadmap includes a phased approach to steadily introducing other protocols and cloud providers as well as an exciting development that resembles Kubernetes.