Avail Raises $43M in Funding Round to Expand Data Availability and Rollup Interoperability
Blockchain data-availability project Avail has closed a $43 million Series A funding round with participation from venture capital firms Founders Fund, DragonFly Capital, Cyber Fund, and more.
This latest funding round is in addition to the $32 million raised in Avail’s pre-seed and seed rounds, bringing the total fundraising to $75 million, said Avail.
Other investors in Avail include SevenX, Figment, Nomad Capital, LocalGlobe, Altos Ventures, Chapter One, Superscrypt, Foresight Ventures, Mirana Ventures, KR1, RW3 Ventures, Alliance Dao, Hashkey, Elixir Capital, Spark Digital Capital alongside several angel investors.
Funding will be used to solve Avail’s scalable data availability issues and interoperability, and rollup fragmentation through the Unification Layer.
The funding will also support the development of “Fusion Security.” This is a novel approach to ensure unified and shared security across the Avail ecosystem.
Fusion Security aims to provide robust crypto-economic guarantees, reinforcing Avail’s function as the unification layer for Web3.
Avail is developing two essential components: the data availability layer, Avail DA, and the unification layer, Nexus.
“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,” said Anurag Arjun, co-founder of Avail.
“Additionally, it will help foster partnerships and collaborations with other players across the entire Web3 ecosystem, which is mission-critical for Avail’s success,” said Arjun.
Avail originated from Polygon Labs, and was co-founded by Anurag Arjun and Prabal
