Startup Aligned Layer, known for developing a “unifying verification system for Ethereum,” announced on April 14, 2023, that they successfully secured $2.6 million in seed funding.
Seven-year-old Lemniscap, an active investor in the cryptocurrency and blockchain sector, took the lead in this latest investment round. Previously, they spearheaded a $2.4-million funding series for Safary, a web3 startup, back in January.
Along with StarkWare, O(1)Labs, and Ingonyama led by CEO Omer Shlomovits, Bankless Ventures and Paper Ventures have joined the investment in Aligned Layer.
Aligned Layer announced the capital raise via social media. See below.
1. We’re excited to announce that we’ve raised $2.6M in our Seed Round, led by @Lemniscap , to enable developers to access affordable and fast proof verification for all proof systems.
Aligned Layer helps Ethereum become a better, faster and cheaper settlement layer for validity…
— Aligned Layer (@alignedlayer) April 14, 2024
Aligned Layer is touted as the first decentralized ZK Proof verification layer for Ethereum. It’s also powered by Eigen Layer — a restaking mechanism that allows ETH stakers to reallocate their staked ETH and Liquid Staking Tokens (LSTs) to improve security for other protocols.
Aligned Layer goals
The firm intends to use the funds raised to broaden its business scope and expedite the rollout of Aligned Layer’s mainnet in Q2 2024.
At Aligned Layer, we strive to reduce expenses and enhance performance for developers creating apps such as L2 networks or layer-2 solutions, acting as a foundation provider.
“Roberto José Catalán, co-founder of Aligned Layer, declared in a prepared statement that today’s announcement is proof of our team’s commitment to making Ethereum the most affordable and streamlined option for Zero-Knowledge (ZK) verification through Eigen Layer.”
Several angel investors, such as Sreeram Kannan, Brandon Kase, Daniel Lubarov, DCbuilder, Chainyoda, Weikeng Chen, Sam Benyakoub, Lucas Kozinski, and Peter Fittin (SizeChad), took part in the seed funding round.
Happy to be included in @alignedlayer’s seed round. Congrats to all involved 👑
— Size Chad (@SizeChad) April 14, 2024
At Aligned Layer, we strongly advocate for developers to have the freedom to choose the most suitable proof system for them, rather than being limited by the underlying settlement layer, according to Catalán.
The funds are expected to give the company enough runway to execute near-term goals.
Following an eventful week for cryptocurrency investors, The Aligned Layer’s funding announcement emerges. Monad Labs, based in New York, secured $225 million in a funding round headed by Paradigm. Monad, which is compatible with the Ethereum Virtual Machine and can process transactions using the same rules more swiftly, is classified as a layer-1 blockchain.
Additionally, Mezo – a Bitcoin layer-2 network – managed to secure $21 million in a financing round, with Pantera Capital spearheading the investment.
Approximately $2.5 billion was invested by global investors into crypto-startups within the initial quarter of 2024, as reported by PitchBook.
Despite growing interest in blockchain technology, investing in gaming companies associated with it has yet to gain traction. As indicated by DappRadar’s statistics, these businesses managed to raise only $288 million during Q1 2024 – marking a significant 57% decrease in funding compared to the preceding quarter.
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2024-04-15 04:09