Avail has successfully raised $43 million in its Series A funding round, aiming to advance secure rollup interoperability and data accessibility. As announced in a press release, the funding was contributed by notable investors such as Founders Fund, DragonFly Capital, Cyber Fund, as well as SevenX, Figment, Nomad Capital, LocalGlobe, Altos Ventures, Chapter One, and various other venture capitalists and investors.
Avail’s Total Funding Reaches $75 Million
The funding infusion will propel Avail towards its goal of tackling the scalable data availability and interoperability hurdles within the web3 sector, leveraging their Unification Layer technology stack.
The Unification Layer is designed to amalgamate data availability, aggregation, and shared security, facilitating the seamless scaling and interoperation of modular blockchains. This innovative approach aims to combat blockchain fragmentation and scalability limitations, paving the way for a more streamlined and secure infrastructure for web3 applications.
Anurag Arjun, co-founder of Avail, remarked, “This Series A funding signifies a crucial juncture for Avail as we endeavor to construct the permissionless unification layer for web3.” He added, “With this fresh capital injection, we are primed to expedite our development efforts, broaden our global footprint, and persist in tackling the most pressing challenges confronting web3 today, including blockchain fragmentation, inadequate data availability, and scalability limitations.”
Recent Developments and Future Plan
Avail intends to deploy the fresh capital to cultivate partnerships throughout the web3 ecosystem and advance the refinement of its Nexus interoperability layer and Fusion Security layer.
Joey Krug, partner at Founders Fund, commended Avail’s approach, stating, “Their DA solution, coupled with their Nexus interoperability layer and Fusion security layer, streamlines the process for teams to establish a new protocol… harnessing Avail’s technology stack.”
Combined with the $32 million raised in pre-seed and seed rounds, the company’s total funding now stands at $75 million, poised to establish a scalable and secure groundwork for forthcoming blockchain initiatives.
In a recent milestone, Avail’s incentivized testnet “Clash of Nodes” peaked at 310 validators, with nearly 110,000 total accounts generated and 116 million transactions executed. The imminent mainnet launch is anticipated in the following weeks.
