Aligned Layer, a startup known as a “universal verification layer for Ethereum,” has officially announced that it has successfully raised $2.6 million in seed funding on Sunday, April 14.
Leading the funding effort is Lemniscap, a seasoned firm with seven years of experience in supporting various companies in the crypto blockchain space. Lemniscap had previously spearheaded a $2.4-million funding round for web3 startup Safary in January.
Bankless Ventures and Paper Ventures have also joined Lemniscap in supporting Aligned Layer, along with StarkWare, O(1)Labs, and Ingonyama CEO Omer Shlomovits.
The announcement of the capital raise was made by Aligned Layer through their social media channels.
Aligned Layer is recognized as the premier decentralized ZK Proof verification layer for Ethereum, and is powered by Eigen Layer – a restaking mechanism that enables ETH stakers to redistribute their staked ETH and Liquid Staking Tokens (LSTs) to enhance security for other protocols.
The company plans to utilize the funds from the capital raise to expand its operations and fast-track the launch of Aligned Layer’s mainnet, which is scheduled for the second quarter of 2024.
Aligned Layer’s goal as an infrastructure provider is to reduce costs and enhance speeds for developers working on applications like L2s, or layer-2 networks.
Co-founder of Aligned Layer, Roberto José Catalán, expressed his team’s dedication to making Ethereum the most cost-effective and efficient platform for ZK verification using Eigen Layer in a prepared statement.
In addition to the backing from Lemniscap and other firms, several angel investors such as Sreeram Kannan, Brandon Kase, Daniel Lubarov, DCbuilder, Chainyoda, Weikeng Chen, Sam Benyakoub, Lucas Kozinski, and Peter Fittin (SizeChad) have also participated in the seed round.
Catalán emphasized the importance of developers having the freedom to choose the proof system that best suits their needs without being limited by the settlement layer.
The funds raised are expected to provide Aligned Layer with the necessary resources to achieve its short-term objectives.
This funding round for Aligned Layer comes amidst a busy week for crypto venture capitalists, with New York-based Monad Labs securing $225 million in funding led by Paradigm. Monad is a layer-1 blockchain compatible with the Ethereum Virtual Machine, offering faster transaction processing capabilities.
Another notable development is the Bitcoin layer-2 network Mezo, which raised $21 million in a funding round led by Pantera.
According to PitchBook, global investors have injected $2.5 billion into crypto-related startups in the first three months of 2024. However, blockchain-related gaming companies seem to be struggling to attract investors, with DappRadar data showing a 57% decrease in funding for the sector in the first quarter of 2024 compared to the previous period.
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