Avail, a blockchain infrastructure company, has secured $43 million in a Series A funding round to develop secure rollup interoperability and data availability solutions.
According to a press release, the latest round saw investments from notable venture capital firms, including Founders Fund, DragonFly Capital, Cyber Fund, and others. Participants included SevenX, Figment, Nomad Capital, LocalGlobe, Altos Ventures, and Chapter One, among other VCs and investors.
Avail’s Total Funding Reaches $75 Million
The newly secured funding will accelerate Avail’s mission to address scalable data availability and interoperability challenges within the web3 sector through its innovative Unification Layer technology stack.
The release stated that the Unification Layer aims to combine data availability, aggregation, and shared security to enable modular blockchains to scale and interoperate seamlessly. This approach is designed to tackle issues of blockchain fragmentation and limited scaling, providing a more efficient and secure infrastructure for web3 applications.
“This Series A funding marks a pivotal moment for them as we strive to build the permissionless unification layer for web3,” said them co-founder Anurag Arjun. “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, such as blockchain fragmentation, insufficient data availability, and limited scaling.”
Recent Developments and Future Plan
Avail plans to use the new capital to foster partnerships across the web3 ecosystem and further develop its Nexus interoperability layer and Fusion Security layer.
“Their DA solution, paired with their Nexus interoperability layer and Fusion security layer, makes it super seamless and easy for teams to create a new protocol… leveraging thems tech stack,” said Founders Fund partner Joey Krug.
Including the $32 million raised in pre-seed and seed rounds, Avail’s total funding now reaches $75 million. The company is expected to create a scalable and secure foundation for future blockchain projects.
Recently, Avail’s incentivized testnet “Clash of Nodes” achieved a peak of 310 validators, with nearly 110,000 total accounts created and 116 million transactions processed. The mainnet launch is expected in the coming weeks.
