Avail raised $27 million in an early stage funding round.
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Avail, a blockchain technology startup, announced on Monday that it has successfully raised $27 million in seed funding, according to Reuters. The round was led by Founders Fund, a venture capital firm founded by billionaire Peter Thiel, and Dragofly Capital, a prominent investor in the crypto sector. Additional backing has come from venture capital entities including SevenX, Figment, Nomad Capital and others.
“Bitcoin is the flag bearer of space. It will push capital into the industry to gain some sort of legitimacy in institutional and regulatory circles and benefit startups like ours,” said Avail founder Anurag Arjun, noting the broader implications of regulatory advances for blockchain technology innovators.
The resurgence of interest in crypto has led to a renewed focus on blockchain technology, which serves as the infrastructure of this industry and is being implemented by traditional players. In particular, Franklin Templeton, a prominent financial services firm, established a mutual fund on this platform last year and integrated blockchain into its operations with the aim of streamlining the settlement process and reducing costs.
In the year Originating from Polygon Labs in 2020 and later becoming an independent entity, Avail is focused on enabling customers to rapidly establish their blockchain business. The team includes former Polygon executives Anurag Arjun and Prabal Banerjee, although the company did not disclose its valuation following this latest funding round.
Arjun told Reuters that the newly acquired funds will be allocated to various areas including product development, expansion of the group and marketing efforts. In addition, regulatory approvals for the space Bitcoin exchange-traded funds (ETFs) have emphasized the potential impact on the industry, suggesting that such developments can increase legitimacy and attract more investment to blockchain and crypto.
In this early stage funding round, the total amount of capital deployed in crypto startups exceeded $99 billion, with 4,900 funding rounds, according to data from Defillama.
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