Initia, a blockchain project developing a Layer 1 network and a system for "interwoven optimistic rollups," has raised $14 million in a Series A funding round.

Tomasz Tunguz's Theory Ventures led the round, with Delphi Ventures and Hack VC participating, Initia said Wednesday. Angel investors such as Keone Hon of Monad Labs, Bryan Pellegrino of LayerZero Labs, Zaki Manion of Sommelier Finance, Jordi Alexander of Selini Capital and Michael Egorov of Curve Finance also joined the round.

Initia began raising funds for the Series A round earlier this year and closed the round in June, co-founder Ezaan Mangalji, who goes by "Zon," told The Block. The round was structured as a simple agreement for future equity (SAFE) with token warrants, bringing Initia's fully diluted token valuation to $350 million, Zon said. He added that this is Theory Ventures' first equity and token investment in web3, noting that the firm has also backed projects like Arbitrum developer Offchain Labs and Sui developer Mysten Labs.

The Series A round brings Initia's total funding to $22.5 million, which includes a $7.5 million seed round earlier this year and a pre-seed investment from Binance Labs last October.

Initia is developing two main products: a Layer 1 blockchain and a platform for interwoven optimistic rollups.

"We are holistically building a new multi-chain world across the architecture, product and economic stacks using the Initia L1 and an interwoven system of L2s," Zon said. "Through designing an L1 in tandem to a network of interconnected L2s, Initia has built a system designed for a rollup-centric future."

Rollups on Initia's interwoven stack, called Minitias, are Cosmos SDK chains that support Ethereum Virtual Machine (EVM), Move Virtual Machine (MoveVM) and CosmWasm's WebAssembly Virtual Machine (WasmVM). This allows teams to customize how their chain processes and orders transactions within the Cosmos SDK, Initia said.

Currently, 12 projects are using Initia's interwoven stack to build their Layer 2 networks. These projects have collectively raised over $13 million in funding, including MilkyWay, Blackwing and Civitia, Initia said.

Initia's public testnet, dubbed The Initiation, concluded last month with over 125 million transactions and nearly 3 million unique wallets, according to the project. The mainnet and token launch are expected within the next two months.

Currently, about 40 people are working for Initia, and Zon plans to expand the team in marketing, business development and developer relations functions.

Last month, Initia acquired blockchain explorer Celatone and its team, Alles Labs. Celatone supports multiple blockchains, including Sei, Osmosis and Neutron, and is set to support Initia and all Layer 2 networks on Initia's interwoven stack.

The Funding newsletter: Stay updated on the latest crypto funding news and trends with my bimonthly newsletter, The Funding. It's free. Sign up here!

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。