Avail Secures $43 M in Funding for Scalable Data Availability
Avail raises $43 million in Series A funding to solve data availability & roll-up interoperability. It aims to be Web3’s secure foundation with “Fusion Security.”
Blockchain data-availability initiative With the assistance of venture capital firms like DragonFly Capital, Cyber Fund, and Founders Fund, Avail has completed a $43 million Series A funding round.
Avail stated that this most recent funding round is in addition to the $32 million raised in its pre-seed and seed phases, bringing the total fundraising to $75 million.
In addition to several angel investors, SevenX, Figment, Nomad Capital, LocalGlobe, Altos Ventures, Chapter One, Superscript, Foresight Ventures, Mirana Ventures, KR1, RW3 Ventures, Alliance Dao, Hashkey, Elixir Capital, and Spark Digital Capital are also supporting Avail.
The funding will be allocated to address Avail’s scalable data availability issues, interoperability, and rollup fragmentation through the Unification Layer.
The funding will also support the development of “Fusion Security.” This innovative method guarantees unified and shared security throughout the Avail ecosystem.
Fusion Security’s objective is to reinforce Avail’s role as the unifying layer for Web3 by offering comprehensive crypto-economic guarantees.
Avail is developing two critical components: the unification layer, Nexus, and the data availability layer, Avail DA.
Anurag Arjun, co-founder of Avail, stated, “We are set 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, with this new capital.”
“In addition, it will facilitate partnerships and collaborations with other actors throughout the entire Web3 ecosystem, which is essential for Avail’s success,” stated Arjun.”
Anurag Arjun and Prabal Banerjee co-founded Team Behind Avail Avail and were originally from Polygon Labs. Since 2020, the partnership has been collaborating to address the data availability issue.
Avail initiated its operations as an autonomous entity in 2023. Avail’s objective is to provide a reliable data availability platform that enables developers to develop the next iteration of trustless applications.
With the aid of the decentralized infrastructure that Avail data availability provides, developers can create and expand blockchain applications.
According to Avail, the most significant benefit of generating a new rollup rather than establishing a distinct L1 is the capacity to inherit security from the base layer.
For Avail to serve as the unifying layer for Web3, it must be exceedingly secure. To accomplish this, Avail will broaden the scope of re-staking to encompass a variety of assets, including Ethereum and Bitcoin.
In an exclusive podcast interview with Crypto News, Anurag Arjun, co-founder of Avail, discussed the rebranding of Matic to Polygon and the establishment of Avail.
Avail’s Goldberg testnet successfully processed over 100 million transactions in March, a significant accomplishment in the lead-up to the mainnet launch.
Truemarkets raised over $4M by selling 15,071 NFTs at $250 each. Vitalik Buterin bought 400 NFTs worth $107K in the…
Apple acknowledged on Monday that its devices were susceptible to an exploit that enabled the execution of remote malicious code…
Hackers have infiltrated an online course that was established by Andrew Tate, a self-described misogynist and purported influencer The compromise…
Apple is reportedly working on an enhanced version of Siri, incorporating large language models (LLMs) to create a more conversational…
Thursday was the day that YouTube announced that its Dream Screen feature for Shorts now allows users to construct movie…
Marissa Mayer proposes a business model for AI chatbots funded by advertising, highlighting potential opportunities for monetization Marissa Mayer possesses…