Bitcoin software development company Hemi secures $15 million in funding, co-led by YZi Labs.
In a recent funding round, Hemi, a groundbreaking platform enabling applications to earn, borrow, and compose assets on Bitcoin, has raised $15 million. This round, co-led by YZi Labs (formerly Binance Labs), Republic Digital, and HyperChain Capital, brings the total funding raised by Hemi to $30 million.
Hemi offers a programmability layer, the Hemi Virtual Machine (hVM), on Bitcoin. The hVM aims to blend Bitcoin's strong security features with Ethereum's dApp capabilities, providing a powerful platform for developers.
The fundraising attracted participation from several notable investors, including Breyer Capital, Big Brain Holdings, Crypto.com, DNA Fund, Selini Capital, Protein Capital, Quantstamp, and Web3.com. Notable projects integrated with Hemi include MetaMask, LayerZero, Redstone, and Sushi.
Jeff Garzik, co-founder of Hemi Labs and an early Bitcoin core developer, stated that "Bitcoin needs no re-invention, it just needs the right tools around it." Garzik, who also co-founded the company, is a well-known figure in the cryptocurrency world.
With over 400,000 members in its community and more than 100,000 verified users, Hemi has already made a significant impact. The platform has completed integrations with over 70 projects and previously raised $15 million in September 2024.
Hemi plans to use the fresh capital for further ecosystem build-out. As Bitcoin continues to grow in popularity, Hemi's services are poised to play a crucial role in its development.
In the words of Garzik, "We're excited to continue our work in enabling a more decentralised and open financial system, powered by Bitcoin." With the support of its investors and the growing interest in its services, Hemi is well on its way to achieving this goal.
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