On-chain oracle startup Switchboard has successfully raised $7.5 million in a Series A funding round co-led by Tribe Capital and RockawayX. The funding round also saw significant contributions from the Solana Foundation, Aptos, and StarkWare, with additional support from Sui developer Mysten Labs, InfStones Global, OtterSec, and Lemniscap, as announced by the startup on the social media platform X.

Switchboard plans to leverage this funding to expand its suite of oracle tools and enhance its use cases for web3 developers and community members. The startup provides permissionless oracle network services that connect decentralized applications with real-world data. Among its products is Switchboard On-Demand, which offers a low-latency, secure, and cost-effective data solution tailored for web3 applications.

"Switchboard On-Demand is built in line to support high-fidelity financial systems where users can specify how data from on-chain or off-chain sources is ingested and transformed," the company detailed in its developer documentation.

Currently, the Switchboard platform secures over $1.78 billion in total value, as tracked by crypto data tracker DeFiLlama. This significant capital infusion will enable Switchboard to further its mission of providing robust oracle network services and enhance the integration of real-world data into decentralized applications.