In a significant move that underscores the growing importance of modular blockchain technology, Avail, a project that spun out of Polygon, has raised $43 million in a Series A funding round. The round was co-led by Peter Thiel’s Founders Fund, Dragonfly, and Cyber Fund, with participation from a host of other prominent investors.
Avail’s Series A funding comes just three months after the project raised $27 million in seed funding, bringing its total funding to an impressive $75 million. This latest round of investment, which includes a combination of SAFE (simple agreement for future equity) and SAFT (simple agreement for future tokens), positions Avail for a major milestone: the upcoming launch of its mainnet and native AVAIL token.
At the heart of Avail’s vision is the belief that the future of blockchain will be dominated by a “rollup-centric” infrastructure, where a few base layers like Ethereum and Avail will host hundreds and thousands of rollups or Layer 2 networks. Anurag Arjun, Avail’s co-founder, explains, “There will be a few base layers, like Ethereum and Avail, and then hundreds and thousands of rollups on top. Avail is building the infrastructure to support this rollup-centric future.”
To achieve this, Avail is developing three key products: Avail DA (data availability layer), Avail Nexus, and Avail Fusion Security. Avail DA aims to help existing rollups like Arbitrum, Optimism, and Starknet scale further and lower their transaction costs. Avail Nexus is a permissionless framework that connects multiple rollups or blockchains for better interoperability, while Avail Fusion Security will allow Avail to leverage existing mature assets like Bitcoin and Ether to enhance its security, in addition to its native AVAIL token.
Joey Krug, a partner at Founders Fund, praised Avail’s innovative approach, stating, “Avail makes data availability — a historically costly problem for blockchains — much cheaper and more efficient with their innovative, custom-built approach. 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 (across all categories of crypto) leveraging Avail’s tech stack.”
With the mainnet and token launch expected in the coming weeks, Avail is poised to take a significant step forward in its mission to build the infrastructure for a rollup-centric blockchain future. As the industry continues to evolve, Avail’s modular approach and the backing of prominent investors like Founders Fund, Dragonfly, and Cyber Fund suggest that the project is well-positioned to play a crucial role in shaping the next chapter of blockchain technology.
TL;DR:
Avail, a modular blockchain project that spun out of Polygon, has raised $43 million in a Series A funding round led by Peter Thiel’s Founders Fund, Dragonfly, and Cyber Fund. The funding will support the upcoming launch of Avail’s mainnet and token, as well as the development of its three key products: Avail DA, Avail Nexus, and Avail Fusion Security. Avail aims to build a “rollup-centric infrastructure” to support the future of blockchain technology, where a few base layers like Ethereum and Avail will host hundreds and thousands of rollups or Layer 2 networks.