Business News Report
February 22, 2024

Helius Raises $9.5M in Series A Funding to Ease App Development on Solana

In Brief

Helius raised $9.5 million in Series A funding to help developers build crypto applications on the Solana blockchain and expand its team.

Helius Raises $9.5M in Series A Funding to Streamline Building Apps on Solana for Developers

Vertically integrated developer platform that aims to help build crypto applications on the Solana blockchain, Helius announced the completion of its $9.5 million Series A funding round led by Foundation Capital, with participation from Reciprocal Ventures, 6th Man Ventures, Chapter One, Propel, and others.

The platform plans to use the newly raised funds to expand its team of 14 employees and enhance its technology stack.

As Solana undergoes expansion, developers have encountered challenges related to intricate infrastructure issues, such as lower-level blockchain integrations, diverting developer’s attention from improving the applications themselves. Helius’s objective is to simplify this process by building on top of existing infrastructure and abstracting complexities away from developers.

Scaling issues, especially in the context of Solana, have impeded the progress of cryptocurrency applications intended for everyday users. The challenge lies in creating applications that are both cost-effective and capable of achieving scalability and speed.

However, Solana serves as the first major network with the potential to address these challenges successfully. The platform’s comprehensive approach that spans the entire spectrum, starting from validator plugins and extending up to open-source developer software development kits (SDKs).

Helius Transforms Application Building on Solana 

Founded in 2022 by former software engineers from cryptocurrency exchange Coinbase and a subsidiary of Amazon that provides on-demand cloud computing platforms and APIs, Amazon Web Services, the Helius platform aims to simplify Solana’s intricacies for developers, contributing to the overall enhancement of the network.

The platform provides a suite of tools for developers, such as web hooks that automate communication between applications and remote procedure controls (RPCs) designed to facilitate the rapid and straightforward development of applications on Solana.

Since launch, Helius has become a significant force in supporting the Solana ecosystem, assisting developers in navigating key events such as the Jupiter airdrop and Helium’s migration to Solana. The platform has also facilitated enterprise integrations, including Discord and Shopify.

With the recent investment, Helius is set to transform Solana’s growth, providing support for developers and ensuring a streamlined future for its cryptocurrency applications.

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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