A startup called Aligned Layer is touted to be a “universal verification layer for Ethereum,” The company confirmed on Sunday, April 14 that they raised $2.6 Million in seed financing.
Lemniscap led the initiative. The firm, which has been around for seven years, is known to have backed several companies within the blockchain crypto space. The company led the previous $2.4-million round of funding for Safary, a web3 start-up in January.
Aligned Layer also has the backing of Bankless Ventures & Paper Ventures along with StarkWare, O(1)Labs, Ingonyama CEO Omer shlomovits and Ingonyama.
Aligned Layer announced their capital raising through social media. Below is a list of the capital raise.
The Aligned Layer, also known as ZK Proof Verification for Ethereum, is the first ZK Proof verifier layer to be decentralized. The Aligned Layer is also powered by Eigen Layer — a restaking mechanism that allows ETH stakers to reallocate their staked ETH and Liquid Staking Tokens (LSTs) to improve security for other protocols.
Aligning layer goals
The proceeds from the capital raising will be used to expand the company’s operations, and accelerate the launch of Aligned Layer’s mainnet scheduled for 2024 second quarter.
Aligned Layer, as an infrastructure provider, aims at lowering costs and improving speeds for developers building L2s (layer-2 networks).
“Today’s announcement is a testament to our team’s shared dedication to making Ethereum the most cost-effective and efficient platform for ZK verification by using Eigen Layer,” Aligned Layer co-founder Roberto José Catalán said In a statement prepared in advance.
In the seed round, several angel investors participated, including Sreeram Canan, Brandon Kase and Daniel Lubarov. Other participants included Weikeng Chen (Weikeng Chen), Sam Benyakoub (Sam Benyakoub), Lucas Kozinski as well as Peter Fittin, SizeChad. Please see below.
“At Aligned Layer, we firmly believe that developers should be able to use the proof system that best suits their needs, without being constrained by the settlement layer,” Catalán added.
This money will give the business a runway for achieving near-term objectives.
Aligned Layer’s funding follows a hectic week of crypto venture capitalists. New York-based Monad Labs, for example, scored $225 million in funding as part of a round led by Paradigm. Monad’s layer-1 blockchain is compatible with Ethereum Virtual Machine, but it can process transactions more quickly using the exact same set of rules.
Mezo, a layer-2 Bitcoin network was another option. Pantera led a funding round that raised $21 Million for the startup.
Global investors have invested $2,5 billion dollars in startups that are related to cryptos during the first three month of 2024. according PitchBook is a great tool for generating leads.
Investors aren’t warming up to gaming-related blockchain companies. DappRadar’s data indicates that this sector has been a slow one. secured For the first quarter in 2024, $288 million will be allocated. It’s 57% less than the previous period of three months.
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Source: crypto.news