Blockchain startup Avail raises $27M in Seed round led by Founders Fund, Dragonfly
The fresh capital will be used to develop a three-phase roadmap to unify the system across the Web3 ecosystem, the company said in a blog post.
Blockchain startup has raised $27 million in a seed funding round led by Peter Thiel's Founders Fund and global crypto venture capital firm Dragonfly.
Crypto investment firm SevenX, blockchain infrastructure provider Figment, seed-stage fund Nomad Capital, and several angel investors also participated in the round.
The fresh funds will be used to develop a three-phase roadmap to unify the system across the Web3 ecosystem, the company said in a blog post. "Avail is laying a foundation for a fundamentally integrated blockchain future where separate ecosystems can implement their own technology and scaling solutions while remaining connected via a trust-minimized and secure coordination layer," it said.
Founded by former Polygon employees Anurag Arjun and Prabal Banerjee, the startup was first set up within Polygon in 2020 and was spun off last year. The startup helps users set up blockchains without the hassle of token economics or validator sets.
Firms like Avail came to the limelight following excitement around the launch of similar projects like Celestia, which looks to solve the scalability issues that currently exist on blockchains like Ethereum and Solana.
These types of blockchains look to solve scalability issues through specific channels for speed and execution, unlike blockchains like Ethereum which can scale only at the expense of decentralisation or security.
Edited by Affirunisa Kankudti