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[8:11 PM · Sep 25, 2024] – Initia, a pioneering Layer-1 blockchain built on the Cosmos network, has successfully secured $14 million in Series A funding, bringing its total funding to $22.5 million. This latest round, led by Tomasz Tunguz's Theory Ventures, alongside Delphi Ventures and Hack VC, marks a significant milestone in Initia's mission to create a scalable and interconnected blockchain ecosystem. The round was structured as a simple agreement for future equity (SAFE) with token warrants, placing Initia's fully diluted token valuation at $350 million.
This investment underscores the growing confidence in Initia's innovative approach to blockchain architecture, which seamlessly integrates a Layer-1 blockchain with an interwoven system of application-specific Layer-2s (L2s). This unique design empowers developers to easily launch scalable and sovereign blockchain systems, abstracting away the complexities typically associated with modular and multi-chain systems.
Key Highlights of the Series A Funding:
- $14 Million Raised: The Series A round significantly boosts Initia's resources, enabling accelerated development and expansion of its ecosystem.
- $350 Million Valuation: The funding round establishes a fully diluted token valuation of $350 million, reflecting the market's positive outlook on Initia's potential.
- Strategic Investors: The participation of prominent investors like Theory Ventures, Delphi Ventures, and Hack VC brings valuable expertise and resources to Initia. This marks Theory Ventures' first equity investment in the Web3 space, highlighting their belief in Initia's vision.
- Strong Angel Investor Support: Notable angel investors, including Keone Hon (Monad Labs), Bryan Pellegrino (LayerZero Labs), Zaki Manian (Sommelier Finance), Jordi Alexander (Selini Capital), and Michael Egorov (Curve Finance), further solidify Initia's position within the industry.
- Focus on Growth: The funding will be used to expand the team across marketing, business development, and developer relations, fostering community growth and adoption.
Initia's Innovative Approach:
Initia's architecture leverages the power of Optimistic Rollups to enable scalable L2 applications while facilitating seamless cross-chain interoperability through the Cosmos IBC protocol. It is the first MoveVM-compatible network to integrate with IBC, offering a unique advantage for developers building with the Move programming language. Furthermore, Initia's L2s, known as "Minitias," support EVM, MoveVM, and WasmVM, providing developers with flexibility and choice.
Milestones and Future Roadmap:
Initia recently concluded a successful public testnet, "The Initiation," processing over 125 million transactions from nearly 3 million unique wallets. The project is on track to launch its mainnet and token within the next two months, marking a crucial step towards realizing its vision. With a team of 40 and growing, Initia is poised for rapid expansion and innovation.
About Initia:
Initia is a Layer-1 blockchain built on the Cosmos network, designed to support an interwoven system of application-specific Layer-2s. Its innovative architecture simplifies the development of scalable and sovereign blockchain systems, leveraging Optimistic Rollups, IBC interoperability, and support for multiple virtual machines (EVM, MoveVM, WasmVM). Initia aims to empower developers and foster a vibrant multi-chain ecosystem.
About Theory Ventures:
Theory Ventures is a $235 million early-stage venture capital firm founded by Tomasz Tunguz, former executive at Redpoint Ventures. They invest in cutting-edge technology companies, including Web3 projects like Offchain Labs (Arbitrum) and Mysten Labs (Sui).
About Delphi Ventures & Hack VC:
Delphi Ventures and Hack VC are prominent venture capital firms focused on investing in blockchain and cryptocurrency projects. Their participation in Initia's Series A round further validates the project's potential.
Compiled by CMO Intern team
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