Avail, led by a co-founder of Polygon, has raised a total of $75 million to address key challenges in the Web3 space, including fragmentation and data availability.
Modular blockchain base layer Avail has garnered $75 million through multiple investment rounds, with venture capitalists keen to solve data availability issues plaguing blockchains.
On June 4, Avail announced the closure of a $43 million Series A round, which was heavily oversubscribed. This adds to the $32 million previously raised in pre-seed and seed rounds. Anurag Arjun, Avail’s co-founder, plans to use these funds to develop a permissionless unification layer for Web3.
“With this new capital, we are poised to accelerate our development, expand our global presence, and continue to address the most critical challenges facing Web3 today,” Arjun said.
Tackling Web3 Challenges
Arjun, also a co-founder of Polygon, aims to tackle three major issues in the Web3 ecosystem: blockchain fragmentation, insufficient data availability (DA), and limited scalability.
Arjun elaborated on how Avail’s DA solution works by moving data off-chain and verifying its availability. This is achieved through a combination of validity proofs, erasure coding, light clients, and data availability sampling (DAS).
“Unlike monolithic blockchain designs, which reduce block space as demand increases, Avail’s DA layer can scale block space with demand, ensuring future-proofing for appchains and rollups,” Arjun explained.
The Return of Crypto VC Funding
The Series A funding round saw participation from several major venture capital firms and angel investors, including Altos Ventures, Alliance DAO, Hashkey, Elixir Capital, Spark Digital Capital, and RW3 Ventures, among others.
Avail aims to foster partnerships and collaborations within the Web3 community through its unification efforts. Developers can use Avail‘s technology to build and scale modern blockchain applications more efficiently, opting to create new rollups rather than separate layer 1 solutions.
Arjun believes that the proliferation of layer-1 and layer-2 blockchains can be detrimental due to fragmentation and user confusion. He asserts that VCs are drawn to Avail’s vision of unification and the critical problems it aims to solve with its technology.
Summary Review:Avail’s successful Series A funding highlights the growing interest in solving fundamental issues within the Web3 space. With $75 million in total investment, Avail is well-positioned to enhance data availability and streamline blockchain development, paving the way for a more unified and scalable Web3 ecosystem.
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