Tech
Polygon spinoff Avail raises $43 million in Series A funding
Avail, a blockchain project known for its data availability network, announced Tuesday that it has raised $43 million in a Series A funding round led by Founders Fund, Dragonfly and Cyber Fund.
The news comes three months after Avail, born from Polygon in March 2023, shared that he had raised $27 million in seed funding.
Data availability networks like Avail are used to help blockchains store information cheaply and easily. The technology is particularly useful in the context of blockchain scaling, as it helps layer 2 “rollup” networks manage transaction data and other information without relying on the main blockchain layer. This offloading reduces the load on the main chain, resulting in lower costs for end users.
The new capital round will go towards building Avail’s Unification Layer, “a cutting-edge modular technology stack that combines data availability, aggregation and shared security to enable modular blockchains to scale and interact permissionlessly and securely,” Avail said at a press conference. publication.
The team said the funds will also go towards the development of Avail’s “Fusion Security” layer, which will use cryptocurrencies such as ether (ETH) and bitcoin (BTC) to help secure the Avail ecosystem. The group mentioned previously that Fusion is expected to be operational in early 2025.
“With this new capital, we are ready to accelerate our development, expand our global presence, and continue to address the most critical challenges facing Web3 today, such as blockchain fragmentation, insufficient data availability, and limited scalability” , Anurag, co-founder of Avail. Arjun said in a press release.