Ava Protocol secures 10 million in Seed financing

Ava Protocol, an innovative platform in the Web3 space, has successfully secured $10 million in Seed+ funding, as revealed in the latest update shared with Finbold on June 11th.

After an initial round of $5.5 million, followed by an additional $4.5 million in Seed+ funding, this influx of capital will drive the development of Ava Protocol’s cutting-edge Eigenlayer AVS, which is poised to revolutionize private autonomous transactions for Ethereum (ETH) and various other blockchains.

The recent Seed+ funding round attracted significant interest from prominent investors such as Electric Capital, Taisu Ventures, Bloccelerate VC, BingX Exchange, and Shima Capital, alongside earlier supporters like Polygon co-founder Sandeep Nailwal, Greylock, Foundation Capital, and GSR.

Chris Li, the Founder of Ava Protocol, expressed gratitude for the backing, stating, “We are thankful to our seed and seed+ investors for believing in our vision of enabling composable autonomous transactions in Web3. We are confident that their trust will be justified as we progress towards our mainnet and onboard additional ecosystem partners who will demonstrate the effectiveness of Ava Protocol’s super-transactions in real-world scenarios.”

Sam Shev, the Head of Marketing at Ava Protocol, stressed the significance of investor support, while Jerry Chen from Greylock, a key early investor, commended Ava Protocol for its transformative potential, saying, “We were impressed with Ava Protocol’s solution for enhancing blockchain payments from simple one-off transactions to complex streams that can cater to a wide range of use cases while simplifying the process for dapp developers. The practical applications of Ava Protocol’s payment technology are numerous, and we are excited to witness its impact on sectors such as DeFi, NFTs, and RWAs.”

The recently secured funding will propel Ava Protocol towards its goal of establishing fundamental Web3 infrastructure for intent-based private autonomous transactions. This will enable cross-chain smart contract automation, where contracts execute based on specific conditions such as time, price, or computation.

Ava Protocol’s development is progressing rapidly, with the testnet already supporting over 10,000 unique wallets and processing more than 1,000 automated transactions daily. The protocol also promises to facilitate recurring and automated “Super-Transactions” for Ethereum without the need for custom code, offering private automation for any transaction or smart contract execution.

With a strong commitment from over 30 ecosystem partners to develop dapps using Ava Protocol’s technology, and strategic product partnerships with Polkadot (DOT), Moonbeam, and Astar, the stage is set for widespread adoption of autonomous transactions.

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