Funding Secured: Modular Blockchain Platform Obtains $43 Million in Series A, Led jointly by Founders Fund
In a recent announcement, Avail, a modular blockchain platform founded by former Polygon co-founder Anurag Arjun, has successfully raised $43 million in a Series A funding round. The fundraising was led by Avail's founder and was co-led by Peter Thiel's Founders Fund, Dragonfly, and Cyber Fund.
The fundraising round saw participation from several notable investors, including SevenX Ventures, Figment Capital, Nomad Capital, Chapter One, Foresight Ventures, Mirana Ventures, KR1, Alliance, and Hashkey Capital. This brings the total amount raised by Avail to $75 million, including a previous $27 million seed round announced in February.
Avail's modular blockchain platform aims to make data availability cheaper and more efficient, addressing some of the challenges in the Web3 space, particularly rollup scalability. The platform is designed to support a rollup-centric future in the blockchain industry.
The fundraising announcement comes just weeks ahead of Avail's mainnet and token launches. Avail is developing a trinity of products: a Data Availability (DA) layer, a Nexus unification layer, and Fusion, an additive security layer. These key components of Avail's platform, coupled with the Nexus interoperability layer and Fusion security layer, make it easy for teams to create new protocols using their technology stack.
Avail's DA solution leverages validity proofs, enabling 10x faster guarantees on transaction finalization. This innovative approach, as stated by Joey Krug, partner at Founders Fund, is a significant step towards making blockchain technology more efficient and accessible.
The investors who participated in the Series A funding round are not explicitly mentioned in the available search results. However, the previous seed round was also participated by Founders Fund and Dragonfly, with participation from SevenX, Figment, and Nomad Capital.
The fundraising was structured as a combination of a Simple Agreement for Future Equity (SAFE) and a Simple Agreement for Future Tokens (SAFT). This arrangement provides a flexible framework for Avail to continue its development and growth in the rapidly evolving blockchain industry.
With this significant funding, Avail is well-positioned to contribute to the future of blockchain technology, particularly in the area of rollup infrastructure, which is expected to dominate the industry in the coming years.
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