Funding Roundup: Innovative Projects Attract Bigger Sums from Global VCs and Angel Investors

Amidst the stratospheric rise of defi and heightened demand for unique and innovative solutions, the global community of angel investors and VC firms is continuously engaging in private funding rounds and token sales. The resulting flood of capital demonstrates that entrepreneurs and startups play their part in developing a new generation of blockchain technology.

Balancer Labs Raises $24.25 Million to Accelerate Protocol Development

Balancer Labs, the company behind Balancer, an automated portfolio manager, liquidity provider, and price sensor, has raised $24.25 million from leading investors in its recent token sale, which will be utilized to accelerate the development of the Balancer protocol. The recent round witnessed an influx of new investors, including Alameda Capital, Pantera Capital, Fenbushi Capital, Blockchain Capital, Longhash Ventures, Fintech Collective, and Continue Capital.

One of the Balancer Protocol highlights is that it uses multidimensional values to build a mathematical and analytical framework, allowing varied portfolios to auto-adjust to market conditions. The second evolution of the Balancer protocol (Balancer V2) will restructure the current system architecture to improve transaction costs while easing developer integration and user experience.

World’s First FBA Network, Flare, Raises $11.3 Million

Flare, a new contract platform built on a modified version of Avalanche, is a distributed network with some unique properties. Not only can it be used to create two-way bridges between networks, such as Ethereum and the XRP Ledger, but it is also the world’s first Turing complete FBA network. Flare claims to be the only platform that applies Federated Byzantine Agreement (FBA) consensus to smart contracts, making it secure and accessible to most blockchain development communities.

Led by Kenetic Capital, the platform has recently raised $11.3 million from some of the world’s leading venture capitalists, such as Digital Currency Group, Coinfund, LD Capital, cFund, Wave Financial, Borderless Capital, and Backend Capital, and angel investors including Vinny Lingham, Do Kwan, and Litecoin founder Charlie Lee, as well as Newform Capital, Genesis Capital, ZB Group, Ripple, and DeFi Capital.

Automata Network Backed With $2.4 Million to Build Privacy-Oriented Web 3.0

Automata Network, which purports to offer seamless privacy for dApps, has raised $2.4 million from prominent investors such as IOSG Ventures, KR1, and Jump Trading. The platform, officially launched on Binance Launchpool, aims to deploy a privacy-first and cross-chain compute protocol, offering developers the required infrastructure to leverage Web 3.0.

The protocol aims to empower Web 3.0 applications and businesses built on Polkadot and Ethereum with privacy-first, high assurance and friction-less transactions. In addition, Automata supports unified cross-chain connections for better operability, a collaborative reward mechanism, and a framework to make data privacy a built-in option across dApps, among several other unique features.