Avail, a blockchain challenge identified for its knowledge availability community, introduced Tuesday that it has raised $43 million in a Sequence A funding spherical led by Founders Fund, Dragonfly and Cyber Fund.
The information comes three months after Avail, which spun out of Polygon in March 2023, shared it had raised $27 million in seed funding.
Information availability networks like Avail are used to assist blockchains retailer data cheaply and in an easy-to-reference method. The tech is especially helpful within the context of blockchain scaling, serving to layer-2 “rollup” networks handle transaction knowledge and different data with out counting on the primary blockchain layer. This offloading reduces the burden on the primary chain, resulting in decrease prices for end-users.
The recent spherical of capital will go in the direction of constructing out Avail’s Unification Layer, “a cutting-edge modular expertise stack that mixes knowledge availability, aggregation, and shared safety to allow modular blockchains to scale and interoperate permissionlessly and securely,” Avail stated in a press launch.
The crew stated the funds may also go in the direction of creating Avail’s “Fusion Safety” layer, which can take cryptocurrencies like ether (ETH) and bitcoin (BTC) to contribute to the safety of the Avail ecosystem. The crew beforehand stated that Fusion is predicted to go reside in early 2025.
“With this new capital, we’re poised to speed up our growth, increase our international presence, and proceed to deal with probably the most essential challenges going through Web3 as we speak, resembling blockchain fragmentation, inadequate knowledge availability, and restricted scaling,” Avail co-founder Anurag Arjun stated in a press launch.
Learn extra: Avail, an Ethereum Information Community to Rival Celestia, Raises $27M In Seed Spherical
