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Avail Raises $27m in Seed Funding for Web3 Platform
Avail, a spinoff from Polygon, recently announced a successful seed funding round of $27 million, led by Peter Thiel’s Founders Fund and Dragonfly. The funding aims to support the development of three key products within Avail’s platform: Data Availability (DA), Nexus, and Fusion, which collectively form the Avail Trinity. These products are designed to accelerate the unification of web3 and address the challenges of fragmentation within the space.
Funding from Prominent VCs
The recent funding, spearheaded by renowned venture capital firms Founders Fund and Dragonfly, reflects a growing interest in the Web3 ecosystem. According to Avail co-founder Anurag Arjun, the capital injection aligns with the company’s vision to address the scalability and security needs of the Web3 space.
Joey Krug, a partner at Founders Fund, commended Avail’s team, technology stack, and emerging ecosystem for enabling a more modular design space for projects to build on their infrastructure.
Operating Beyond Polygon
Originally part of Polygon Labs, Avail transitioned into an independent entity in March of the previous year. The move was driven by the company’s commitment to protocol neutrality, open-source principles, and community-driven initiatives. Leveraging Polkadot’s Substrate technology and nominated proof-of-stake (nPOS), Avail aims to promote broad stake distribution within its platform.
Co-founder Anurag Arjun revealed that Avail is currently operational on a testnet and is seeking additional funding ahead of its mainnet launch. The timeline for the release of the core products includes the early Q2 projection for Avail DA, the planned launch of Nexus later this year, and the anticipated rollout of Fusion Security next year.
Scalability and Security for Web3
Avail’s core products are positioned to bridge the gap between scalability and security within the Web3 ecosystem. The Avail DA aims to address rollup scalability while ensuring data availability security through state-of-the-art zero-knowledge technology. Nexus will be the central hub for verification, integrating rollups from both within and outside the Avail ecosystem. Finally, Fusion Security aims to enhance the platform’s security by leveraging assets from established ecosystems like BTC and ETH.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
