On Wednesday, Sridhar Ramaswamy is launching a new Web3 startup called nxyz. The new company will make it easier to search the blockchain. Ramaswamy was the lead of Google’s advertising business from 2013 to 2018 and has raised $40 million in a funding round, for his newest startup.

CNBC reported that the company will be launched, on Wednesday. According to the outlet Ramaswamy will remain as the CEO of Neeva and will also lead nxyz. The new startup had been developed in early 2022, by a team of engineers who work at Neeva. In 2019, after leaving Google, Ramaswamy built Neeva as a search engine in Web 2.0. It did not include ads, nor did it track people.

The outlet, which mentioned exclusivity of the news also reported that the former VP at Google had received $40 million in investments, in May, in order to make nxyz a separate entity from the privacy focused search engine, Neeva. Paradigm, which is a dealmaker for crypto and Web3 led the funding round. Other companies who invested in the new blockchain based startup include Coinbase, Sequoia and Greylock.

Ramaswamy also mentioned that nxyz was fortunate to raise funding earlier in the year as talks had begun in mid-April and had concluded by mid-May, just when the terraUSD and its sister token Luna crashed badly and brought down the crypto industry.

When asked about the impact of what is being called the “crypto winter”, the entrepreneur said that his company needed only 20 employees. He added that they would remain “very mindful of the current climate” and that they would “build carefully” and would bring in ”revenue early on.”

The new startup posted on Twitter that it “provides flexible, reliable blockchain indexing for Web3 developers.” It is planning to add more networks but it currently supports the following networks:
Avalanche
Arbitrum
Binance
Optimism and
Polygon.

Web3 continues to attract investment from big companies in finance, entertainment, luxury goods, automotive and more