Web3 Product Development Studio Pontem Raises $6 Million in Financing Round
Pontem, a web3 product development studio, has secured $6 million in a financing round co-led by Faction and Lightspeed Venture Partners. Other participants in the round include Pantera Capital, Aptos Foundation, Wintermute, Altonomy, Shima Capital, and Kraken Ventures.
The funds raised will be used by Pontem to enable developers to build apps that are compatible with both the Ethereum Virtual Machine and the Move programming language. The goal is to expand the usage of Move beyond the Aptos and Sui blockchains.
Pontem co-founder Alejo Pint stated that the capital influx will be used to increase the usage of Move, empowering dapp teams with a programming language that supports security and scalability. The aim is to solve the problem of vendor lock into the EVM on Ethereum and make it easier for Web2 developers to enter the space confidently.
Pantera Capital Excited to Invest in Pontem
Faction Partner Banafsheh Fathieh expressed excitement about Pontem’s development of critical primitives for the Move ecosystems. Pantera Capital Managing Partner Paul Veradittakit added that they believe Pontem has been doing an excellent job of building financial and technical infrastructure for bringing consumers and developers to the decentralized web.
Previous Funding Rounds and Origins of Pontem Technology
This financing round brings Pontem’s total raised capital to $10.5 million. Previously, they raised $4.5 million in June 2021 through a private token sale led by Mechanism Capital and Kenetic Capital, along with Delphi Ventures and Animoca Brands.
Pontem’s technology was initially developed by members of the Aptos team. Aptos is a Layer 1 blockchain based on the Move programming language from Meta, which consists of individuals from Facebook’s now defunct Diem stablecoin project.
Increasing Usage of Move Ecosystems with the Move Programming Language
Move is a Rust-derived programming language designed for creating secure and efficient smart contracts. Pontem argues that Move is more appealing to Web2 developers from traditional finance and tech sectors because it is similar to static-type languages they are already familiar with.
The capital raised will be used to develop Move Virtual Machine products on EVM-compatible blockchains like Ethereum. This includes Lumio, a new Move-based Layer 2 solution on Ethereum that utilizes alternative Layer 1s like Aptos for transaction processing.
Pontem also plans to add support for the Solana Virtual Machine and other blockchain languages in the future.
Hot Take: Pontem Raises $6 Million to Expand Move-Compatible Apps
Pontem, a web3 product development studio, has raised $6 million in a financing round co-led by Faction and Lightspeed Venture Partners. The funds will be used to enable developers to build apps that are compatible with both the Ethereum Virtual Machine and the Move programming language. This expansion aims to increase the usage of Move beyond its current blockchains. Pontem’s technology, developed by members of the Aptos team, has already gained traction with products like the Pontem Wallet and Liquidswap DEX. With this funding, Pontem plans to further enhance Move ecosystems and make it easier for Web2 developers to enter the space confidently.
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