The Celestia Foundation, led by Bain Capital Crypto, raised 100 million
Celestia Foundation has raised $100 million in a funding round led by Bain Capital Crypto, with investors including Syncracy Capital, 1kx, Robot Ventures and Placeholder.
According to a September 23 announcement, the capital raised brings Celestia's total fundraising to date to $155 million.
The startup targets one of the key challenges in blockchain networks: scalability and data availability.
In the year Launched in 2023, the architecture separates the consensus and data availability layers from the execution layer, allowing developers to create layer-2 packages with greater flexibility compared to traditional blockchains like Ethereum.
To put this in perspective, traditional blockchains like Ethereum keep everything – data, transactions and security – on a single layer, which limits flexibility and slows down performance.
By separating these functions, developers can create more unique blockchains, reducing congestion and costs, making blockchain-based services more efficient and scalable for applications.
Celestia unveiled its roadmap in early September, promising to increase the block size to 1 gigabyte to boost data consumption for its bundled ecosystem. This upgrade could increase Celestia's network capacity beyond Visa, the startup said, allowing it to process many more transactions per second.
Data availability fee tracking. Source: Celestia
Start is not alone in this game. Other companies working on data availability solutions include industry players such as Eigenlayer's EigenDA and Polygon's Avail.
“When Celestia was launched last year as the first modular data access layer, it advanced the space from the dial-up era to the broadband era,” said Mustafa Al Bassam, founder of Celestia and chairman of the Celestia Foundation.
Since May, Celestia has steadily gained market share from Ethereum, starting at around 20% and reaching around 40% by the end of July.
“Now, the main organizers have introduced the technical roadmap to adapt the block space to the fiber optic era – ensuring guaranteed and low latency,” Al Bassam added.
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