Avail has raised $27 million in a seed funding round to integrate its Web3 ecosystem products.
Posted: February 26, 2024 10:06 AM Updated: February 26, 2024 10:06 AM
Correction and fact check date: February 26, 2024, 10:06 AM
briefly
Avail has raised $27 million in seed funding led by Founders Fund to strengthen development of its three core products: DA, Nexus, and Fusion.
Avail, a Web3 infrastructure layer, has raised $27 million in a seed round led by Peter Theil’s Founders Fund and Dragonfly, with participation from other VCs including SevenX, Figment, Nomad Capital and several angel investors.
The company will use the funds to strengthen the development of three core products within its platform: DA, Nexus, and Fusion. These building blocks, collectively known as the Avail Trinity, enable networks to accelerate the integration of web3.
“Today’s fundraising, led by world-class VCs Founders Fund and Dragonfly, accelerates our vision to unify the Web3 space and address its growing fragmentation,” said Anurag Arjun, co-founder of Avail. “The rollup-centric future for blockchain scaling is already here. There will be a ton of rollups over the next few years, not just EVMs. There will be a lot of non-EVM rollups, especially app-specific rollups.
“Rollup tools will mature to the point where it will be as easy to deploy app-specific rollups as it is to deploy smart contracts today. In this world of 10-1000 chains, they need to talk to each other. Otherwise, you will have a huge user experience (UX) fragmentation problem. That’s why it’s important to lay the foundation for a unified future for Web3 by building a unified framework that unifies rather than divides the platforms,” added Arjun.
Avail, which spun off from the Polygon ecosystem in early 2023, is led by former Polygon co-founder Anurag Arjun and former head of research Prabal Banerjee. The company aims to streamline the Rollup experience by providing a unified and efficient platform for users and developers across all ecosystems.
Additionally, the company has been developing Avail Trinity, a unified infrastructure layer consisting of a base data availability (DA) layer, a Nexus integration layer, and Fusion, an additional security layer. This helps optimize the Rollup experience and provide a cohesive platform that is accessible to users and developers across a diverse ecosystem.
How Avail’s Trinity is Driving Web3 Transformation
Avail’s initial focus is on Avail DA, a solution that addresses rollup scalability by ensuring secure and scalable data availability. Avail DA, leveraging validation proofs and data availability sampling (DAS), lays the foundation for a rollup-centric future while providing a foundation for integration.
The second component, Avail Nexus, serves as a verification hub that integrates various rollup arrangements both within and outside the Avail ecosystem. Avail Nexus, which leverages Avail DA as the root of trust, uses zero-knowledge proof technology to simplify coordination between different rollups.
To strengthen its security framework, Avail is developing Fusion Security, the third component of the Avail Trinity. Fusion Security has made significant strides in utilizing native assets from mature ecosystems such as BTC and ETH to enhance Avail’s cryptoeconomic security, leveraging foreign tokens for consensus on other blockchains.
In Web3 environments, Avail aims to anchor the ecosystem through a scalable data availability layer. Avail leverages validation to ensure immediate and reliable data availability and enables rollups to grow, connect, and adapt to changing demands.
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Kumar is an experienced technology journalist specializing in the dynamic intersection of emerging fields including AI/ML, marketing technology, cryptocurrency, blockchain, and NFTs. With over three years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and providing comprehensive insights. Kumar’s expertise lies in producing impactful content, including articles, reports and research publications for prominent industry platforms. With a unique skill at combining technical knowledge and storytelling, Kumar excels at communicating complex technical concepts in a clear and engaging way to diverse audiences.
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Kumar is an experienced technology journalist specializing in the dynamic intersection of emerging fields including AI/ML, marketing technology, cryptocurrency, blockchain, and NFTs. With over three years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and providing comprehensive insights. Kumar’s expertise lies in producing impactful content, including articles, reports and research publications for prominent industry platforms. With a unique skill at combining technical knowledge and storytelling, Kumar excels at communicating complex technical concepts in a clear and engaging way to diverse audiences.