Chainlabs Investment Research Weekly Report | 24 public financings occurred in the encryption market

ChainlabsMar 05, 2024
Chainlabs Investment Research Weekly Report | 24 public financings occurred in the encryption market

According to incomplete statistics from CoinVoice, more than 24 project financing cases in the blockchain field were announced this week (2.26-3.1). Liquidity re-hypothecation protocol ether.fi announced the completion of $27 million in financing. This round of financing was led by Bullish and CoinFund. It was also the largest financing event this week. Other popular projects include AI blockchain platform Talus Network, Web3 infrastructure layer Avail, Bitcoin native pledge chain BounceBit, etc. Compared with last week, the number of investment and financing transactions in the cryptocurrency market increased slightly this week. In the sub-sector, investment and financing amounts this week are concentrated in the direction of infrastructure and DeFi. The following is an overview of this week’s financing events.

AI blockchain platform Talus Network completes US$3 million in first round of financing

AI blockchain platform Talus Network announced the completion of its first round of financing of US$3 million, led by Polychain Capital, dao5, Hash3, TRGC, WAGMI Ventures and Inception Capital, as well as major technology and investment companies from Nvidia, IBM, Blue7, Symbolic Capital and Render Network. Angel investors from blockchain companies participated in the investment. It is reported that Talus Network uses MoveVM to enhance performance, emphasizing that the Move stack is most capable of seamlessly integrating artificial intelligence with smart contract environments, mainly promoting consumer-friendly network artificial intelligence applications, especially intelligent agents, to seamlessly integrate into daily chains. content.

FTX-affiliated crypto hedge fund LedgerPrime returns with new name “MNNC Group” and completes a funding round

FTX-affiliated cryptocurrency hedge fund LedgerPrime is back under a new name, “MNNC Group.” The Cayman Islands-domiciled multi-strategy hedge fund has raised an undisclosed amount from backers. It is reported that most of the team members come from LedgerPrime, including new chief investment officer Boris Iyutin. MNNC Group has revealed it will launch a new directional fund in March and hire more staff in the future.

Singapore's Web3 entertainment company Imaginary Ones completed a new round of financing, with Animoca Brands and others participating in the investment

Singapore-based Web3 entertainment company Imaginary Ones announced the completion of a new round of financing, with participation from Cypher Capital, Animoca Brands, ED3N Ventures and MH Ventures, but the specific financing funds have not yet been publicly disclosed. According to previous news, iQiyi Vice President Kuek Yu-Chuang is a new investor and advisor of Imaginary Ones. Imaginary Ones will also cooperate with the international fashion brand HUGO BOSS in 2023 to create a virtual universe experience.

Ring Protocol announced the completion of pre-seed round of financing, with participation from Continue Capital and others

Blast ecological DeFi project Ring Protocol announced the completion of a pre-seed round of financing, with participating investors including Manifold Trading, Continue Capital, Synergiscap, m0x Capital, CL207, DefiSquared and Bored Chili. It is reported that Ring Protocol is the winning project in BIG BANG, the Layer2 network Blast ecological application competition. Its Ring Swap allows liquidity providers to earn exchange fees and income by pledging underlying assets and/or RWA.

Blockchain data analysis company Octav completes US$4 million in strategic financing

According to official news, the blockchain data analysis company Octav announced the completion of a strategic investment of US$4 million, led by a high-net-worth individual in the encryption field, but the specific investor information has not yet been disclosed. Currently, Octav is mainly focused on using machine learning technology to unlock the potential of on-chain data to improve the accuracy of data annotation and classification.

Liquidity re-hypothecation protocol ether.fi announces completion of $27 million in financing

Liquidity re-hypothecation protocol ether.fi announced the completion of $27 million in financing, led by Bullish and CoinFund, and supported by more than 95 investors.

BounceBit completes US$6 million in seed round financing

Bitcoin pledge L1 project BounceBit completed a US$6 million seed round of financing. This round of financing was jointly led by Blockchain Capital and Breyer Capital, with participation from dao5, CMS Holdings, Bankless Ventures, NGC Ventures, Matrixport Ventures, DeFiance Capital, OKX Ventures and HTX Ventures. Investment, individual investors include EigenLayer chief strategy officer Calvin Liu and others. BounceBit founder and CEO Jack Lu said the round was structured as a simple agreement for future equity (SAFE) with token warrants, but he declined to comment on the valuation.

PredX announces completion of Pre-seed round of financing, led by Penrose Tech

In February this year, PredX announced the completion of a pre-seed round of financing, led by Penrose Tech and participated by Mulana ventures. PredX is currently raising seed funding at a valuation of $20 million. Financing funds will be used to train AI to adapt to the Prediction Market and build a global community. PredX is a prediction market event exchange incubated by SEI Chain, where users can trade their views on popular event trends. PredX records all transactions through the blockchain, which can ensure transaction security and facilitate auditing. Because the SEI chain does not have a central ledger, this allows PredX, which grew up in the SEI ecosystem, to provide a more democratic solution than the traditional web2 market. PredX powered by AI will push popular events based on user preferences to enhance user stickiness and participation.

Web3 traffic aggregation marketing platform LinkTo completed seed round financing, with Adaverse and other institutions participating in the investment

Web3 traffic aggregation marketing platform LinkTo announced the completion of a seed round of financing from investment institutions including Adaverse, Ruby Capital, Warrior Wealth Fund, BitValue Capital and Block Infinity Limited. LinkTo is committed to solving the core challenges of advertising and marketing in the current Web3 ecosystem, including improving advertising efficiency, ensuring marketing transparency, and optimizing user engagement. By introducing advanced streaming technology and AI algorithms, LinkTo aims to provide brands and advertisers with a platform that can accurately position and effectively reach target audiences while ensuring data security and user privacy.

Silence Laboratories closes $4.1 million in financing, Pi Ventures and Kira St

Crypto security company Silence Laboratories announced the completion of $4.1 million in financing, co-led by Pi Ventures and Kira Studio. Silence Laboratories has raised $6 million in total funding and will use the funding to expand its team and strengthen its research and development pipeline. It is reported that Silence Laboratories uses multi-party computation (MPC) to build infrastructure to help enterprises protect data privacy and security. The company offers two products using MPC technology: Silent Shard and Silent Compute. Audited by security audit firm Trail of Bits, Silent Shard enables businesses and users to limit the risk of exposing sensitive private keys and enforce advanced authorization rules. Silent Compute enables businesses to collaborate on information without revealing their private data to third parties.

Bitcoin staking chain BounceBit completes $6 million in seed round financing

BounceBit, the native Bitcoin staking chain, completed a US$6 million seed round of financing, co-led by Blockchain Capital and Breyer Capital, and joined by CMS Holdings, Bankless Ventures, NGC Ventures, Matrixport Ventures, DeFiance Capital, OKX Ventures and HTX Ventures, as well as angel investor Anchorage Digital Founder and CEO Nathan McCauley, Brevan Howard portfolio manager Ashwin Aiyappan, EigenLayer chief strategy officer Calvin Liu and others participated in the investment.

According to crypto data platform RootData, BounceBit is a native BTC staking chain that guarantees security by staking Bitcoin and BounceBit tokens.

On-chain data analysis platform Octav announces completion of US$4 million in strategic financing

On-chain data analytics platform Octav announced the completion of a $4 million strategic round of funding led by crypto high-net-worth individuals. Specific participants were not disclosed. The investment will be used to expand the marketing team and accelerate the progress of decentralized and open source data.

According to the encrypted data platform RootData, Octav announced the completion of a US$2.65 million seed round of financing in September last year. Investors include Nascent, Polymorphic Capital, Parallel Studio, Spaceship DAO, Investmeows, Possible Ventures, Speedinvest, ACET Capital and other institutions, as well as Aave Strategy Individual investors such as person in charge Markc Zeller and former Sushiswap CEO 0xMaki.

Octav is a free and editable data analysis platform for interpreting users’ DeFi investment activities, including cost basis, profit and loss (P&L) and exportable reports.

Australian blockchain fashion technology company BlockTexx completed approximately US$4.57 million in Series B financing

Australian blockchain fashion technology company BlockTexx announced the completion of a AU$7 million (approximately US$4.57 million) Series B round of financing, with participation from global alternative investment management company Artesian Investments. BlockTexx builds a blockchain marketplace that connects textile manufacturers, retail brands, and logistics providers to support mixed textile resource recycling. (Sourcingjournal)

DePIN project Geodnet completed US$3.5 million in financing, led by North Island Ventures

DePIN project Geodnet completed $3.5 million in financing, led by North Island Ventures, with participation from Modular Capital, Road Capital, Tangent, Reverie, and existing investors Borderless and IoTeX. Geodnet is a community-based DePIN project where anyone can contribute to the network by installing and operating a Satellite Miner.

Humanity Protocol completes strategic financing, Hashed and others participated in the investment

According to official news, Humanity Protocol announced the completion of strategic financing. More than 20 institutions including Hashed, CMCC, Cypher Capital, Foresight Ventures, and Mechanism Capital participated in the investment. The specific amount was not disclosed. Funds from this round of financing will be used to accelerate the development and deployment of Humanity Protocol, improve its scalability, efficiency and user accessibility, and prepare for the upcoming testnet launch. As previously reported, the Human Institute has partnered with Animoca Brands and Polygon Labs to launch the Humanity Protocol on Polygon CDK. The agreement was founded by tech entrepreneur Terence Kwok and is guided by a Founding Humans board that includes Animoca Brands co-founder and executive chairman Yat Siu and Polygon Labs co-founder Sandeep Nailwal. It uses cutting-edge palm recognition technology as a less invasive authentication alternative to methods like iris scanning and is easily accessible via smartphones to build proof of humanity in Web3 applications.

zk-Native protocol QED completed US$3 million in financing, led by Arrington Capital

The zk-Native blockchain protocol QED announced the completion of US$3 million in financing, led by Arrington Capital, with participation from several well-known venture capital firms including Starkware, Draper Dragon, Blockchain Builders Fund, and Lbk Labs. This financing will help QED promote innovation in the Bitcoin ecosystem and provide more innovative solutions. Michael Arrington, a well-known investor and lead investor in this round, said: "We believe QED will redefine the possibilities of Bitcoin." QED aims to combine zero-knowledge proof (ZKP) with Bitcoin to empower Bitcoin applications and Solve problems existing in the Web3 development process. As a horizontally scalable blockchain, QED increases throughput by increasing the number of network nodes and allows any Web2 developer to write QED smart contracts using the popular programming languages ​​Javascript and Python.

Blockchain platform Initia completed US$7.5 million in financing, led by Delphi Ventures and Hack VC

Blockchain platform Initia announced the completion of US$7.5 million in financing, co-led by Delphi Ventures and Hack VC, and co-founders of Nascent, Figment Capital, Big Brain and A.Capital, as well as anonymous cryptocurrency traders Cobie, DCF God, and Split Capital Angel investors including Zaheer Ebtikar, Fiskantes and WSB Mod, Celestia COO Nick White participated in the investment. Initia is an L1 on Cosmos, an application-specific L2 leveraging OP Rollup. Through Initia's architecture, including L1, L2, and communication layers, developers can easily launch application-specific blockchains powered by Initia L2 without having to understand complex chain-level infrastructure or run a validator set.

Web3 data streaming and infrastructure company Validation Cloud completes $5.8 million in financing

Validation Cloud, a Web3 data streaming and infrastructure company, announced a $5.8 million funding round led by Cadenza Ventures, with participation from Blockchain Founders Fund, Bloccelerate, Blockwall, Side Door Ventures, Metamatic, GS Futures and AP Capital. Validation Cloud has built a proprietary system architecture to provide users with staking, node API and data services, aiming to connect enterprise and institutional users to Web3 through a fast, scalable and intelligent platform. (Chainwire)

OKX Ventures announces investment in trustless computing platform provider Delphinus Lab

OKX Ventures announces investment in trustless computing platform provider Delphinus Lab. Delphinus Lab aims to build the zkWASM cloud suite and is committed to providing the zkWASM-based application rollup platform zkWASM Hub. Its product provides automated attestation and batch processing services for application workloads through customizable WASM extensions. In addition, while continuing to improve and innovate the original implementation of zkWASM, Delphinuslab will define the zkWASM application communication standard in zkWASMHUB, enabling broader interconnection and collaboration between Rollup applications on different underlying blockchains.

Dora, founder of OKX Ventures, said that Delphinuslab's zkWASM virtual machine is the first zero-knowledge virtual machine to support WASM bytecode. This is an innovative technology that may lead to large-scale applications. By utilizing zkWASM, developers can flexibly Build ZKP applications freely using a variety of programming languages. Applications can enhance their security and privacy by combining them with zero-knowledge proofs, creating a more decentralized, trustless web3 world.

Open Asset, a token asset fintech company, completed a seed round of approximately US$1.7 million, with participation from Hana Ventures and others.

Token asset fintech company Open Asset announced the completion of a seed round of approximately US$1.7 million, with participation from Hana Ventures, Korea Investment Partners and Mashup Ventures. Open Asset plans to use the new financing to recruit outstanding talents in business development, sales, service planning, front-end development and other fields. It is reported that Open Asset is advancing solutions to enable financial institutions to easily and effectively adopt blockchain and trade token assets. (

Avail raises $27 million, led by Founders Fund and Dragonfly

Web3 infrastructure layer Avail announced the completion of a $27 million seed round led by Founders Fund and Dragonfly, with participation from SevenX Ventures, Figment, Nomad Capital and several angel investors. Avail will use the new financing to accelerate development of three core products on its platform, DA, Nexus and Fusion. These core components that make up Avail Trinity will enable the network to accelerate Web3 unification. It is reported that Avail is designed to allow modular execution layers to extend and interoperate in a way that minimizes trust. It was spun off from the Polygon ecosystem in early 2023 and is led by former Polygon co-founder Anurag Arjun and former head of research Prabal Banerjee. . Avail's mission is to simplify the rollup experience and provide a unified, efficient platform for users and developers from any ecosystem. To achieve this, Avail has been building Avail Trinity, a unified infrastructure layer that includes a base Data Availability (DA) layer, the Nexus unified layer and the additional security layer Fusion.

Layer1 blockchain 5ireChain completed “million-dollar” financing, Gotbit Hedge Fund participated in the investment

Layer1 blockchain 5ireChain completed “million-dollar” financing, with hedge fund Gotbit Hedge Fund participating. The specific amount has not yet been disclosed. This investment aims to attract developers and promote the application of decentralized applications on the 5ireChain chain, with a focus on projects in multi-chain projects, EVM compatibility, RWA and other fields. It is reported that 5ireChain plans to use the new funds to accelerate ecosystem innovation.

DePIN project MXC announced the completion of US$10 million in financing, led by JDI Ventures

According to official news, smart city IoT network MXC announced that it has received a US$10 million strategic investment led by JDI Ventures, a DePIN-focused investment fund under the famous blockchain hardware manufacturer JDI Global.

Founded in 2017 in Berlin, Germany, the MXC team launched the Layer3 zkEVM solution on Arbitrum with the vision of becoming the DePIN infrastructure for the Ethereum ecosystem.

Web3 gaming user-generated content company PlayMakers raises $1.5 million in funding

Web3 gaming user-generated content startup PlayMakers has announced the completion of a $1.5 million Pre-Seed funding round led by RockawayX with participation from leading business angel investors including Sébastien Borget, Vincent Hart de Keating and Hugues Ouvard.

It is reported that PlayMakers provides developers with a perfect and easy-to-implement solution to collect, curate and integrate player creations, turning players into creators in Web3 games.

Full-chain ledger protocol Cycle Network announces completion of first round of million-dollar financing

According to The Block, Cycle Network, a trustless full-chain ledger protocol, announced the completion of a million-dollar first round of financing. The specific amount has not yet been disclosed. Temasek Holdings’ Vertex Ventures and Summer Ventures led the investment, with participation from LTP, Super Chain Capital, GSG Digital, etc. cast.

It is reported that Cycle Network has launched a solution to solve the interoperability problem in the blockchain field. Through its innovative fully distributed ledger technology (ODLT), it introduces a trustless method of interactive information to the blockchain and solves the problem of block chain interoperability. The fragmentation problem of chain network.

Arkis raises $2.2M to accelerate institutional adoption of DeFi

Prime brokerage firm Arkis has closed $2.2 million in pre-seed funding to accelerate DeFi adoption among large institutions.

This round of financing was led by gumi Cryptos Capital, a well-known web3 fund, with G1 Ventures, Blocklabs and Roosh Ventures also participating.

Arkis will provide undercollateralized lending to DeFi hedge funds, asset valuations, custom leveraged positions, and on-chain margin accounts.

“What we sell is capital efficiency,” said Arkis co-founder Serhii Tyshchenko. In other words, the ability to provide undercollateralization maximizes the capital efficiency of each portfolio.

Tyschenko told The Defiant that his company hopes to accelerate the maturity of the DeFi industry, which today is too risky and has too many “YOLO” connotations.

Crypto exchange Backpack completes $17 million in Series A funding at a $120 million valuation

According to Bloomberg, crypto exchange Backpack completed a $17 million Series A round of financing at a valuation of $120 million. Placeholder VC led the investment, with participation from Wintermute, Robot Ventures, Selini Capital, Amber Group and others.

Headquartered in Dubai, Backpack also offers a cryptocurrency wallet and an NFT series called Mad Lads. The company’s CEO and co-founder Armani Ferrante is an early employee of Alameda Research. Another co-founder, Can Sun, is the former general counsel of FTX. Of the company's 40 employees, five are former FTX employees.

NFT game company READYgg completed US$4 million in financing, with participation from Delphi Digital and others

According to Decrypt, NFT infrastructure startup READYgg announced the completion of US$4 million in financing, with participation from Delphi Digital, NeoTokyo, Merit Circle, Momentum6, Purechain Capital, etc. The valuation has not yet been disclosed. READYgg CEO David Bennahum said the new funding will be used to help expand the startup’s business development efforts to reach more parts of the world.

It is reported that READYgg company provides developers with tools to implement NFT, cryptocurrency wallets and other technologies in games. The company is also preparing to launch its own RDYX crypto token later this year, which will reward early users, provide holders with stewardship rights, and enable full-platform and cross-game trading in the ecosystem.

Institutional-grade staking platform ContributionDAO completed a $2.8 million seed round of financing, led by KXVC

Institutional-grade staking platform ContributionDAO announced the completion of a US$2.8 million seed round of financing, led by KXVC, the venture capital arm of Thailand's largest commercial bank, Kasikornbank (KBank), with participation from Axelar, Monad, Connext and other angel investors. The new funds will be used to develop new institutional-grade staking solutions, as well as help the project expand into the Southeast Asian blockchain market.

Additionally, ContributionDAO is building a community infrastructure suite, ProofSquare.xyz, that provides intelligent automation and virtual assistants to help manage global communities.

DEX and liquidity protocol Cetus announces strategic investment from Sui Foundation

CoinVoice recently learned that Cetus, a DEX and liquidity protocol based on Sui and Aptos, announced on the X platform that it has received strategic investment from the Sui Foundation. The exact amount was not disclosed.