RedStone Oracles, a modular solution that connects blockchain networks to external data, announced Tuesday that it has raised $15 million in early-stage funding led by Arrington Capital to expand its service.

The company’s Series A round included participation from SevenX, IOSG Ventures, Spartan Capital, White Star Capital, Kraken Ventures, Amber Group, Protagonist, gumi Cryptos, Christian Angermayer’s Samara Asset Group and HTX Ventures. This funding round follows the company’s $7 million seed funding almost two years ago, bringing RedStone’s total funding to more than $22 million.

In basic terms, an oracle provides reliable data feeds from external sources to a blockchain network so its smart contracts can interact with them. For example, contracts in a blockchain might run operations that require fresh data regarding financial markets, global trade or insurance data. An oracle would connect to data sources outside of the blockchain network and provide verifiable data that can be interacted with.

“Today’s announcement further underlines RedStone’s status as the undisputed leader in yield-bearing assets price feed delivery,” said Chief Executive Jakub Wojciechowski. “This Series A round gives us ample financial runway to broaden our suite of services while bringing reliable real-world data to a host of blockchain-based protocols.”

RedStone provides data feeds for more than 60 blockchain networks, including Ethereum, zkSync Era, Avalanche, Base, Polygon, Linea, Celo, Optimism, Arbitrum, Fantom, BNB Chain and Blast. The company also expanded to Bitcoin-based scaling networks such as Merlin Chain, BOB, B^2 and said it intends to launch on high-performance chains such as Berachain and Monad.

The company differentiates itself in the market from other oracles by providing more models for accessing external data. The company has added a new model that provides on-demand data dynamically injected into transactions on-call to reduce overall cost per transaction and provide the freshest possible data.

Users can still use the current classic “Push,” model where data is retrieved via relays periodically and aggregated. Finally, the company introduced the “X” model that avoids front-running. That’s where the transaction records the intention to interact with the protocol but only pulls price data on-chain at the last moment when the transaction is executed.

This announcement comes as RedStone turns its focus toward the Ethereum restaking industry, where users can “lock up” the cryptocurrency tokens they own on a blockchain to promote the integrity of transactions and earn rewards, which is called “staking.” These rewards can come in the form of blockchain tokens or derivative tokens, which can then be “restaked” for more rewards in the primary blockchain or on another blockchain, thus compounding gains. In April, the company signed a deal worth $500 million with Ether.fi, the largest restaking service on the EigenLayer protocol, that would bring RedStone’s oracles to the network.

The company said the latest funding round will be used to build on a wide-scale recruitment drive, especially among its marketing and business development divisions to fuel extensive growth. RedStone also intends to launch an Oracle Extractable Value product in a trial in the coming months and a native token later this year.

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