Cryoto startup SolanaFM, founded by three SMU students, Nicholas Chen, Chin Bing Huang and Fathur Rahman, raised millions in seed funding. The idea for the company came about when the trio participated in a hackathon. They started out wanting to create a lending application for Solana, but soon decided to shift to a data-centric product as they realised that their expertise was in data and technology, and not in finance. SolanaFM raised S$100,000 last year in a round led by Etherscan and Coinhako, and another S$6.3 million in July this year in a seed funding round spearheaded by SBI Group's Digital Asset Opportunity Fund. The founders used the funds raised to hire more employees and upscale the business after raising funds despite being "very close" to making a profit about a month or so ago. The goal is to break even within the next two years, Nicholas said.