Why we are bullish on OpenLayer, the first modular authentic data layer designed to modernize traditional data flows.

We are excited to have OpenLayer in our portfolio. Official announcement here.

The current data landscape is a mess — fragmented, siloed, and often untrustworthy. It’s like trying to build a skyscraper on quicksand. This holds back everyone: devs on-chain are starved for real-world data, AI projects are stuck with stale datasets, and Web2 companies hoard user data like dragons guarding their gold. It’s time for a change.

Why we invested

OpenLayer is that change. They’re building the first truly modular, authentic data layer that bridges the old web and the new. It’s decentralized, so anyone with a laptop or even a phone can join the network. It’s permissionless, meaning no gatekeepers controlling what data gets in or out. And it’s authentic, using cryptography like TLSNotary to prove data is legit. Through these features, OpenLayer is poised to address the pain points felt across the board. On-chain devs get seamless access to off-chain data feeds, AI projects tap into previously inaccessible datasets, and Web2 companies leverage user-owned data in innovative, privacy-preserving ways.

On the image below there’s an overview of all the components that together form OpenLayer.

We initially decided to partner with OpenLayer while they are building OpenOracle, their flagship product currently live on the Holesky testnet. OpenOracle empowers anyone to become an oracle node operator, enabling the cryptographically provable transcription of any public internet data. This service streamlines the rapid and permissionless integration of any data feed into the system.

Since its inception, OpenLayer has achieved significant milestones, demonstrating strong product-market fit and growing adoption. They successfully launched on the EigenLayer, becoming one of the first AVSs to go live. The platform boasts over 40 operators and an impressive $7 billion in restaked assets. OpenLayer’s versatility is evident in its onboarding of 80+ customers across diverse sectors, including RWA protocols like Plume and Strike, social data platforms like Icebreaker and Camp, AI data initiatives like Public AI and NeuroMesh, and exotic data providers like IYK and Drosera.

OpenLayer’s founders, YJ, Charlie Chen, and Kevin Yin, bring a potent blend of technical acumen and industry experience to the table. YJ, the CEO, boasts a strong technical background as a former Tech Lead at Robinhood and Meta. Charlie Chen, the CTO, complements this with his engineering leadership experience at both Robinhood and Google. Kevin Yin, the COO, rounds out the team with his product management expertise honed at Robinhood and Dropbox. The founders’ firsthand experience with the limitations of traditional data layers during their time at Robinhood ignited a passion to revolutionize the industry. We believe this passion, combined with their diverse skill sets and proven track record, positions them as the ideal leaders to navigate OpenLayer’s ambitious journey.

IDGX is thrilled to back OpenLayer as they embark on their mission to revolutionize the data landscape and unleash the true potential of data across Web2 and Web3. OpenLayer has secured substantial backing, raising $2.2 million in funding from prominent investors like a16z CSX, Geometry Ventures, and LongHash Ventures, along with notable angel investors from EigenLayer, AltLayer, Puffer, Gitcoin, 0G, Sei, Galxe, etc. In addition to a16z and others, fresh capital also came from grants of Ethereum Foundation PSE, Optimism and Arbitrum.

About IDGX

IDGX is a proud member of IDG Capital, focused on investing in early-stage blockchain startups and emerging technologies. We aim to support the burgeoning blockchain ecosystem in Vietnam, SEA and beyond. With a seasoned management team, strong financial backing, and extensive networks, IDGX offers a unique blend of technical, financial, and strategic support to help startups navigate the challenges of building innovative projects from the ground up.

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Disclaimer: This announcement is for informational purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any security or any other product or service by IDGX or any other third party. Furthermore, nothing contained herein should be construed as financial, legal, tax, or accounting advice, or a recommendation to invest in any particular security or cryptocurrency. This announcement reflects the current opinions of IDGX and does not necessarily reflect the opinions of IDG Capital or its affiliates. The opinions reflected herein are subject to change without being updated. IDGX makes no representations or warranties as to the accuracy or completeness of the information contained herein and expressly disclaims any and all liability for any errors or omissions in such information. Past performance is not indicative of future results.