VC roundup: Conduit raises $37m while MegaLabs, Ora secure $20m each

This text discusses recent funding rounds in the crypto and blockchain industry, highlighting five companies that raised significant capital. Here’s a summary of each company and their respective funding:

Last week brought significant investment to the blockchain sector as 23 start-ups successfully raised over $154 million from venture capitalists.

Based on information from Crypto Fundraiser, over $91 million more flowed into the cryptocurrency sector compared to the previous week’s total.

VC firms also funded 10 more projects this week than last week. 

VC roundup: Conduit raises $37m while MegaLabs, Ora secure $20m each

Here’s a breakdown of the top deals:

Conduit, $37 million

Conduit led the pack. The crypto infrastructure dominated with a $37 million series A round.

We’re excited to announce our $37M Series A, led by @paradigm and @HaunVentures

— Conduit (@conduitxyz) June 25, 2024

At the helm of this collaborative initiative were Paradigm and Haun Ventures. Robot Ventures, Credibly Neutral, Coinbase Ventures, Bankless Ventures, and numerous angel investors also contributed to the project.

The funds earmarked for Conduit are intended to be used in creating their line of tailor-made, blockchain-driven solutions, including rollups. These resources will also contribute significantly towards bringing on-chain computing within reach for a larger audience, thereby streamlining the development experience for trailblazers in the blockchain industry.

MegaLabs, $20 million

Dragonfly Capital spearheaded a $20 million investment round for MegaLabs, the innovator behind the latest Ethereum (ETH) scaling solution.

As a researcher, I’d rephrase it as follows: On June 27th, some notable angel investors announced their participation in our round. These include Vitalik Buterin, co-founder of Ethereum, Joseph Lubin, CEO of ConsenSys, Sreeram Kannan, creator of EigenLayer, and Hasu from Flashbots.

Based on MegaLabs’ announcement, the recent infusion of new funds is expected to expedite the advancement of their MegaETH protocol. A testnet version is scheduled to be rolled out in the upcoming months.

Ora, $20 million

Ora, a blockchain initiative that aims to merge AI technology with decentralized apps, secured $20 million in funding. Notable investors, including Polychain, HF0, and Hashkey Capital, took part in this financing round.

ORA is thrilled to share the news of raising a $20M investment from esteemed investors: Polychain, HF0 Residency, Hashkey Capital, and others. 🌟

— ORA ⏺️ (@OraProtocol) June 26, 2024

Ora intends to employ the raised funds toward advancing their tech and infrastructure, enabling the tokenization of AI models and introducing decentralized AI to Ethereum’s network.

At the core of Ora’s groundbreaking advancements is their opML (optimistic machine learning) technology. This cutting-edge solution forms the foundation of their premier product, opp/ai. By employing optimistic systems and zero-knowledge technology, it facilitates secure and effective on-chain machine learning while incorporating privacy-enhancing characteristics.

Moreover, Ora presents the notion of an “initial model availability” (IMA), enabling the assignment of ownership to open-source AI models through tokenization.

Crossover Markets, $12 million

As a researcher examining the latest developments in the crypto venture capital (VC) scene, I’ve noticed that technology firm Crossover Markets successfully secured $12 million in their series A funding round this week. Illuminate Financial and DRW Venture Capital took the lead in funding this promising company.

The event drew the interest of both strategic investors, such as Flow Traders and Wintermute, and retail brokers, including Exness,, and Think Markets.

Today, we made public the announcement of our Series A funding round, spearheaded by Illuminate Fund Management and DRW Trading. For further details regarding this development, please refer to the article penned by Ian Allison for CoinDesk.

— Crossover Markets (@crossover_mkts) June 26, 2024

Crossover Markets is known for its execution-only digital asset trading platform, CROSSx, which functions as a marketplace for institutional investors.

During the first quarter of 2024, the company announced trading a notional value of over $3.15 billion, executing approximately 415,450 trades, and processing more than 141 billion quotes on CROSSx. They plan to utilize fresh funding to reinforce their team and technology investments, aiming to strengthen their market presence.

Redacted, $10 million

In other news, the web3 entertainment and gamification company, Redacted, successfully secured $10 million in funding. This investment round was spearheaded by Spartan Group, while Animoca and P2 Ventures also contributed to the financing.

Notable cryptocurrency influencers such as Dingaling and Grail lent their support by contributing, highlighting their belief in Redacted’s mission to create a more interactive and profitable user experience.

As a researcher delving into the latest trends in web3 technology, I’ve come across an intriguing project that has managed to pique the interest of both investors and enthusiasts within this community. According to my findings, over 150 influential figures in the web3 sphere have publicly endorsed this initiative by adopting specific profile pictures – a clear sign of their engagement and support for the project.

In the cryptocurrency world, we advise investors to avoid losses and instead opt for projects with a solid reputation. Our catchy phrase, “Don’t get rekt, get redacted,” is a fun way of encouraging this mindset.

As a researcher studying Reducted’s innovative project, I can tell you that the funding we’re securing will be instrumental in bringing our ecosystem to life. This dynamic platform will provide an engaging array of entertainment and gamification offerings, all fueled by the RDAC token.

AnchorZero, $8 million

As a researcher studying the financial technology landscape, I’ve come across AnchorZero, a innovative New York-based platform that empowers founders to maximize their tax savings through Roth IRAs. They recently announced securing an impressive $8 million in seed funding.

Announcing that AnchorZero has secured $8 million in seed funding to provide advanced tax strategies for a wider audience. Our inaugural offering is the AnchorZero Founder Roth IRA, designed specifically to help tech founders and early employees save substantial sums of money during their exit events.

— AnchorZero (@anchorzero) June 25, 2024

Bain Capital Crypto and Spark Capital took the helm in the funding round, while Ethereal Ventures, Robot Ventures, and Mischief Capital offered further support. Angel investor Sarah Meyohas also contributed financially to the venture.

As a crypto investor, I’m always on the lookout for innovative ways to minimize my taxes and maximize my returns. One intriguing offering I’ve come across is a platform that simplifies the process of transferring startup equity into Roth IRAs. This strategy could potentially unlock hundreds of millions in tax savings and enable tax-free compounding of gains – a game-changer for any investor!

As a financial analyst, I would put it this way: By investing in equities through a Roth IRA, founders can enjoy substantial tax benefits. The profits earned upon selling these investments are exempt from capital gains taxes. Furthermore, the initial profits can be re-invested tax-free, allowing for compound growth over time.

Covalent, $5 million

As aanalyst, I would put it this way: I’m reporting that Covalent, a company specializing in blockchain data infrastructure, recently completed a $5 million investment round headed by RockTree Capital.

1/ The moment you’ve all been waiting for 🫴

We are stoked to announce that Covalent has secured $5M in a strategic funding round led by @RockTreeCapital, with @CMCC_Global, @MoonrockCapital, and @DoublePeakGroup on board 🤝

— Covalent (@Covalent_HQ) June 26, 2024

CMCC Global, Moonrock Capital, and Double Peak Group contributed substantially to the round’s progress.

After a successful fundraising event, Covalent unveiled the New Dawn Initiative as part of an extensive overhaul. This initiative is designed to bring Covalent closer to its crypto-centric audience and minimize corporate influences.

Ganesh Swami, a co-founder of Covalent, intends to broaden the company’s reach in Asia by establishing a stronger presence in countries like China, Korea, and Singapore. This expansion aims to foster innovation in blockchain and artificial intelligence technologies within the region.

SoSoValue, $4.15 million

SoSoValue effectively secured $4.15 million in funding for its seed stage from HongShan and GSR Markets. Additionally, Alumni Ventures, One Piece Labs, and CoinSummer Labs took part in this financing round.

As a researcher focused on innovative investment platforms, I can share that this particular platform intends to utilize the newly raised funds to grow its international team of researchers. This expansion is aimed at enhancing the platform’s AI-driven data services and empowering more investors around the world.

As a researcher, I’ve discovered that within five short months of its debut, SoSoValue has reportedly drawn in an impressive organic user base of over 1.2 million individuals. Designed with investors of all experience levels in mind, this platform equips us with essential tools and resources to confidently navigate the dynamic crypto market.

Read More

2024-06-30 03:53