Avail Raises $27 Million in Seed Funding Round Led by Peter Thiel’s Founders Fund and Dragonfly
Avail, a modular blockchain project that emerged from Polygon last year, has secured $27 million in a seed funding round. The round was co-led by Peter Thiel’s Founders Fund and Dragonfly. Other investors include SevenX Ventures, Figment Capital, Nomad Capital, and several angel investors. The funding round was structured as a simple agreement for future tokens.
Anurag Arjun, co-founder of Avail, did not disclose the valuation or the structure of the round. However, a source familiar with the matter revealed that the fully diluted valuation of Avail is several hundred million dollars. Avail is currently raising another round of funding and will disclose the valuation upon completion.
Avail was initially funded by Polygon’s treasury until it became an independent entity separate from Polygon in March 2023. As it prepares for its mainnet launch, Avail has raised external funding.
What is Avail?
Avail is a modular blockchain project that aims to streamline the rollup experience. It believes that various rollups, including app-specific ones, will drive blockchain scalability. Avail offers three main products:
- Avail DA: This is a data availability layer that scales Ethereum’s blobspace using validity-proof enabled technology.
- Nexus: Nexus is a permissionless verification hub that unifies rollups by leveraging Avail DA as the root of trust.
- Fusion Security: Fusion Security allows native assets from mature ecosystems like Bitcoin and Ethereum to contribute additional security to the Avail ecosystem.
Avail’s approach to modularity sets it apart from other projects in the space. While other modular projects focus on specific components, Avail aims to address the user experience fragmentation caused by the proliferation of rollups.
Modular Projects Gaining Popularity
Modular blockchain projects have been gaining traction recently. Celestia, Lava, and Inco are some of the notable projects in this category. Avail differentiates itself by offering a broader scope of modularity and mitigating user experience fragmentation.
The modular design space provided by Avail’s tech stack allows other projects to build on its infrastructure, unlocking scalability improvements and addressing fragmentation issues in the blockchain space.
Mainnet Launch and Future Plans
Avail DA is currently in testnet, and the mainnet launch is expected in April. The first iteration of Nexus will be launched later this year, followed by the launch of Fusion Security next year.
Avail currently has a team of 43 people based in Dubai, and it is actively hiring across various functions, including engineering and business development.
Hot Take: Avail Secures Significant Funding for its Modular Blockchain Project
Avail’s successful seed funding round demonstrates the growing interest in modular blockchain projects. With $27 million raised and notable investors like Peter Thiel’s Founders Fund and Dragonfly on board, Avail is well-positioned to further develop its products and contribute to blockchain scalability.
The three main offerings of Avail – Avail DA, Nexus, and Fusion Security – provide solutions for data availability, verification, and additional security contributions. By addressing the challenges of rollup proliferation and user experience fragmentation, Avail aims to streamline the rollup experience and unlock scalability improvements.
As Avail approaches its mainnet launch and continues to raise funds, it is expected to play a significant role in shaping the future of blockchain technology. With its modular design space and commitment to solving scalability challenges, Avail is poised to make a lasting impact in the blockchain ecosystem.
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