Versatus Labs Raises $2.3 Million in Seed Funding Round
Versatus Labs, a blockchain scaling startup focused on Ethereum (ETH), has successfully raised $2.3 million in a seed funding round, valuing the company at $50 million. Investors in the round include NGC Ventures, Republic Crypto, and Hyperithm. The funding round took place from June to August and was an equity plus token warrant round.
Pivoting to Blockchain Scaling Platform
Versatus, previously known as VRRB Labs, initially worked on a Layer 1 blockchain network. However, due to a lack of market demand for an alternative Layer 1 solution, the company has now pivoted to focus on building a blockchain scaling platform called LASR.
Introducing LASR: A ‘Stateless Rollup’
LASR is a “stateless rollup” being developed by Versatus. This rollup chain enhances scalability by only maintaining necessary transaction data and settling it on the base layer. LASR is layer agnostic and can work with any layer or blockchain. It can function as a Layer 2 on top of a Layer 1 or even as a Layer 3 on top of a Layer 2.
Partnerships with EigenLayer and Stader Labs
Versatus has formed partnerships with Ethereum restaking protocol EigenLayer and liquid staking platform Stader Labs. These collaborations are seen as significant milestones in the Ethereum scaling roadmap. LASR is currently in the alphanet stage and is expected to launch on the Ethereum testnet in January, with the mainnet launch planned for March.
Future Plans and Team Size
LASR will be the first product released by Versatus, with plans for additional products to attract more web2 developers into the web3 space. The company currently has 15 employees, and CEO Andrew Smith intends to maintain a lean team in the near future. Smith also serves on the board and owns equity in his first startup, OWL ESG, but is primarily focused on Versatus.
Hot Take: Versatus Labs Secures Funding for Blockchain Scaling Platform
Versatus Labs has successfully raised $2.3 million in seed funding to support the development of their blockchain scaling platform, LASR. With partnerships established and a planned launch on the Ethereum testnet in January, Versatus aims to address the scalability issues of Ethereum while offering a better developer experience. This funding round, along with previous investments, brings Versatus’s total funding to $3.7 million. As the company continues to expand its product offerings and attract developers from traditional web2 environments, it is poised to make a significant impact in the blockchain industry.
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