Business News Report
February 26, 2024

Avail Raises $27M in Seed Funding Round to Unify Web3 Ecosystem Products

In Brief

Avail raised $27 million in seed funding led by Founders Fund, to enhance development of its three core products DA, Nexus and Fusion.

Avail Raises $27M in Seed Funding Round to Unify Web3 Ecosystem Integration

Web3 infrastructure layer, Avail raised $27 million in funding 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 enhance the development of its three core products within the platform, namely DA, Nexus, and Fusion. These foundational components, collectively known as Avail Trinity, will allow the network to accelerate the unification of web3.

“Today’s raise led by world-class VCs, Founders Fund and Dragonfly, accelerates our vision to unify the Web3 space and solve the growing pains of fragmentation,” said Anurag Arjun, co-founder of Avail. “The rollup-centric future for scaling blockchains is already here. Over the next few years, there will be a multitude of rollups, and not necessarily just EVM. There will be a whole host of non-EVM rollups, especially app-specific rollups.

“Rollup tooling will mature to such an extent that it will be as easy to deploy an app-specific rollup as it is to deploy a smart contract today. In this world of 10s and 1000s of chains, they will need to talk to each other, otherwise this will lead to a huge user experience (UX) fragmentation issue.  This is why it’s imperative to lay the groundwork for the unified future of Web3 by building a unification framework where platforms are united rather than segmented,” Arjun added.

Avail, which spun off from the Polygon ecosystem in early 2023, is led by former Polygon co-founder Anurag Arjun and former research lead Prabal Banerjee. The company aims to streamline the rollup experience, providing a unified and efficient platform for users and developers from any ecosystem.

Moreover, the company has been developing the Avail Trinity, an integrated infrastructure layer comprising the foundational Data Availability (DA) layer, the Nexus unification layer, and Fusion, an additive security layer. This will help optimize the rollup experience and offer a cohesive platform accessible to users and developers across diverse ecosystems.

How Avail’s Trinity Drives Web3 Evolution

Avail’s initial focus is on Avail DA, a solution to tackle rollup scalability by ensuring secure and scalable data availability. Leveraging validity proofs and data availability sampling (DAS), Avail DA provides a foundation for unification while laying the groundwork for the rollup-centric future.

The second component, Avail Nexus, serves as a verification hub that unifies a diverse array of rollups, both within and outside the Avail ecosystem. Utilizing Avail DA as the root of trust, Avail Nexus employs zero-knowledge-proof technology to streamline coordination across various rollups.

To fortify the security framework, Avail is developing Fusion Security, the third component of the Avail Trinity. By harnessing native assets of mature ecosystems such as BTC and ETH, Fusion Security bolsters Avail’s cryptoeconomic security, marking a significant advancement in leveraging foreign tokens for consensus on a different blockchain.

In the Web3 landscape, Avail aims to anchor the ecosystem with its scalable data availability layer. Through the utilization of validity proofs, Avail ensures immediate and reliable data availability, empowering rollups to grow, connect, and adapt to evolving demands.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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Kumar Gandharv
Kumar Gandharv

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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