Chinese technology behemoth Tencent has completed a $15 million Series A funding round for Chainbase, an omnichain data network for web3.

According to a press release shared with crypto.news, the funding round saw participation from notable investment entities, including Tencent Investment Group, Matrix Partners, and Hash Global.

Chainbase is the world’s largest omnichain data network. The project aims to create a comprehensive on-chain data infrastructure for the web3 space.

This makes it easier for developers to access and use blockchain data in an open and fair way, helping to power various applications in the web3 space, including things like digital currencies and smart contracts.

With the fresh funds, Chainbase plans to deploy a pioneering crypto world model to improve data intelligence on the blockchain and expand AI capabilities across its applications.

The platform currently has 8,000 live projects and is leveraged by over 15,000 developers. The network as a whole handles over 500 billion data calls.

In the coming years, Chainbase expects to engage millions of developers and retail users and develop standardized tools for on-chain data development and machine learning.

Chris Feng, co-founder and COO of Chainbase, called the recent funding round a “pivotal moment,” adding that the funds would help build “the first Crypto World Model.”

“We are in the process of building our mainnet – an innovative 4 layer dual consensus omnichain data network for AI era. The design of the structure aims to ensure openness, permissionless, transparency, security, instantaneous data processing from the root. We estimate to launch the test net in August,” Feng told crypto.news.

Last year, Chainbase partnered with the Open Network (TON) Foundation and Tencent Cloud to bolster web3 adoption in the Asia-Pacific region. Chainbase successfully launched the first data indexing product on TON as part of the venture.

Further, the platform also offers a high-speed, reliable enterprise node deployment service for the TON blockchain.

Amidst this backdrop, Tencent became a part of China’s metaverse working group earlier this year. The initiative launched by the nation’s Ministry of Industry and Information Technology (MIIT) aims to establish standards for the metaverse.