In its latest funding round, Analog has secured $16 million to further develop its cross-chain communication tools, reaching a valuation of $120 million.
A recent social media post by Analog revealed that Tribe Capital led the funding round, channeling $16 million into the company. Analog intends to use the funds to advance its efforts in blockchain interoperability.
“We’re thrilled to push forward in creating the next generation of cross-chain communication tools with the remarkable support from our partners,” the post stated.
Funding Boost for Cross-Chain Communication Tools
Other significant contributors to the funding round included NGC Ventures, Wintermute, GSR, NEAR Foundation, Orange DAO, Samara Asset Group, and more.
“Driven by the increasing recognition of the necessity for cross-chain interoperability across various sectors, the concept of Analog was conceived,” stated Analog founder Victor Young.
“This marks a significant milestone in our journey to lead cross-chain communication in the blockchain domain,” Young emphasized in a LinkedIn post. “At Analog, our goal is to establish a seamless, interoperable blockchain ecosystem, and this funding will propel us closer to realizing that goal.”
With projects such as Timechain, Analog Watch, General Message Passing (GMP), and Timegraph SDK, Analog aims to construct the infrastructure enabling blockchain developers to innovate without constraints.
“We’re developing all the essential features for cross-chain development as a unified toolkit, rather than relying on third parties such as oracles to achieve the desired functionality,” Young added.
Analog Testnet Launches with Novel Features
In December 2023, the company initiated its Testnet and commenced user registration. The Testnet aimed to provide users with the opportunity to explore experimental features while allowing developers to gather feedback from the community regarding their products.
The Testnet encompassed access to Analog Watch and the Watch SDK, alongside an initial version of General Message Passing on the Timechain.