Crypto Data Company Shadow Raises $9M in Seed Round Led by Paradigm

Crypto data company Shadow raised $9 million in a seed funding round led by Paradigm.

The company specializes in creating private execution environments known as "shadow forks." These environments mirror the state of public blockchains in real time, allowing users to analyze on-chain data without spending on gas fees.

"Ethereum users have paid $700M+ (!) in gas fees to emit events," Caitlin Pintavorn, investment partner at Pradigm, wrote on X. "*shadow events* give everyone edit mode on any smart contract...meaning cheaper contracts and a new world of data {creation, indexing, analysis}."

Additional investors include individuals from Coinbase Ventures, Electric Capital, the Ethereum Foundation, Uniswap, and Flashbots.

Shadow's co-founders are siblings Alvin and Emily Hsia,, who have significant technical experience and a history of working in crypto since the "DeFi summer" of 2020, The Block reported. They intend to use the new funding to expand their team, primarily by hiring more engineers.

[CORRECTED 12/7 @ 3PM ET to clarify that individuals at Coinbase Ventures, Electric Capital, the Ethereum Foundation, Uniswap, and Flashbots are investors in Shadow, not the firms themselves]