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Polygon Spinoff Avail Raises $43M in Series A Funding
The news comes three months after Avail, a data availability company, disclosed its $27 million seed funding round.
Updated Jun 4, 2024, 1:00 p.m. Published Jun 4, 2024, 1:00 p.m.
Avail, a blockchain project known for its data availability network, announced Tuesday that it has raised $43 million in a Series A funding round led by Founders Fund, Dragonfly and Cyber Fund.
The news comes three months after Avail, which spun out of Polygon in March 2023, shared it had raised $27 million in seed funding.
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Data availability networks like Avail are used to help blockchains store information cheaply and in an easy-to-reference manner. The tech is particularly useful in the context of blockchain scaling, helping layer-2 "rollup" networks manage transaction data and other information without relying on the main blockchain layer. This offloading reduces the burden on the main chain, leading to lower costs for end-users.
The fresh round of capital will go towards building out Avail’s Unification Layer, “a cutting-edge modular technology stack that combines data availability, aggregation, and shared security to enable modular blockchains to scale and interoperate permissionlessly and securely,” Avail said in a press release.
The team said the funds will also go towards developing Avail’s “Fusion Security” layer, which will take cryptocurrencies like ether and bitcoin to contribute to the security of the Avail ecosystem. The team previously said that Fusion is expected to go live in early 2025.
“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,” Avail co-founder Anurag Arjun said in a press release.
Read more: Avail, an Ethereum Data Network to Rival Celestia, Raises $27M In Seed Round
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