Financing Weekly Report | 21 publicly financed events; Cryptocurrency chip company Ingonyama completes $20 million seed round financing, led by Walden Catalyst.

Weekly Financing Report 21 Publicly Funded Events, Ingonyama's Cryptocurrency Chip Company Raises $20 Million in Seed Round led by Walden Catalyst

Highlights of this issue:

According to incomplete statistics from LianGuaiNews, there were 21 investment and financing events in the global blockchain industry last week (11.6-11.12), with a total fund size exceeding $120 million. Here is an overview:

  • DeFi: There were 4 investment and financing events in the DeFi sector. Definitive, a DeFi startup, completed a $4.1 million financing round, with BlockTower leading the investment.
  • NFTs and Metaverse: There was 1 investment and financing event in this field. NFT authentication company Authentick completed a $4 million seed round financing, with Menyala leading the investment.
  • Blockchain Games: There was 1 investment and financing event in this category. GameFi platform Citadel completed a $3.3 million seed round financing, with 1kx leading the investment.
  • Infrastructure and Tools: There were 10 financing events in this category. Velo Labs, the Web3 financial ecosystem, announced a $10 million investment from DWF Labs.
  • Other Web3/Crypto-related projects: There was 1 financing event in this category. Real estate investment platform mogul Club, based on blockchain technology, announced a $3.6 million seed round financing, with AY Ventures leading the investment.
  • Centralized Finance: There were 4 investment and financing events in this field. Latin American crypto company Galactic Holdings completed a $6.25 million Series A financing, with Galaxy Interactive and Dragonfly leading the investment.

Weekly Financing Report | 21 public financing events; Cryptocurrency chip company Ingonyama completes $20 million seed round financing, led by Walden Catalyst

DeFi:

Definitive, a DeFi startup, completes $4.1 million financing with participation from Coinbase Ventures

Definitive, a DeFi startup, has completed a $4.1 million financing round with BlockTower leading the investment. Nascent, Coinbase Ventures, CMT Digital, and others also participated. The funds will be used to create a new platform that makes it easier for Wall Street to enter the emerging capital market of DeFi. It is reported that the Definitive team consists of three former Coinbase product and engineering veterans, aiming to automate many aspects of the decentralized finance world, including a wide range of financial services. Definitive intends to provide an execution platform that integrates various protocols, allowing users to trade, gain profit opportunities, and automatically monitor the risk levels of their holdings.

StablR, a stablecoin startup, completes €3.3 million seed round financing

StablR, a stablecoin startup, announced the completion of a €3.3 million (approx. $3.5 million) seed round financing to establish its Euro-based stablecoin business. Deribit, Maven 11, Theta Capital, Folkvang, and Blocktech participated in the investment, but the valuation was not disclosed. It is reported that StablR started issuing Euro-backed stablecoins on October 12, with the code EurR. The startup has been in operation for over a year since August 2022. StablR hopes to bring liquidity to the DeFi and CeFi markets and ultimately onboard more users into the crypto ecosystem.

Self-Custodial Cryptocurrency Investment App Sock Raises $3 Million in Seed Funding

Sock, a San Francisco-based company, recently completed a $3 million seed funding round to improve its self-custodial cryptocurrency investment app. The round was led by Haven Ventures, with participation from Designer Fund, ExLianGuainsion, SLianGuaicecadet Ventures, Sunflower Fund, Olive Capital, and angel investors. Sock currently operates on the Arbitrum blockchain network. The Sock mobile app offers automated investment protection and insights into crypto investments, helping small and medium crypto asset investors safely accumulate wealth. The app does not support high-risk trading or tokens that do not meet its standards; instead, it empowers users to “research” assets by using Sock Score to understand the fundamentals of tokens.

Synthetic Asset Platform Kresko Fi Completes $1.8 Million Strategic Funding Round, Led by Electric Capital and Zero Age Ventures

Synthetic asset platform Kresko Fi announced the completion of a $1.8 million strategic funding round. The round was led by Electric Capital and Zero Age Ventures, with participation from WAGMI Ventures, GTS Ventures, Oak Grove Ventures, MH Ventures, and Gui Laliberte. The newly acquired funds will be used to develop a more capital-efficient protocol and launch Kresko’s mainnet, which is expected to go live in Q4 2023.

NFT & Metaverse

NFT Authentication Company Authentick Raises $4 Million in Seed Funding

NFT authentication company Authentick has announced the completion of a $4 million seed funding round. The round was led by Menyala, a venture capital platform founded by Temasek. The funding will help Authentick expand its userbase and product range. Authentick allows users to purchase digital collectibles or NFTs and verify their authenticity without the need for a Web3 wallet or entering an exchange. Authentick plans to offer discounts to brand partners looking to reach a broader audience. The company will manage the distribution of its digital collectibles and ensure they can be purchased on major online retailers.

Blockchain Games

GameFi Platform Citadel Raises $3.3 Million in Seed Funding, Led by 1kx

GameFi platform Citadel has raised $3.3 million in seed funding, with 1kx leading the round. Other participants include Shima Capital, Hashed, Matchbox DAO, Ready Player DAO, and several angel investors. The investors acquired a 20.86% stake in the company, resulting in a post-money valuation of $16 million. The funding will be used to expand the team and continue developing the protocol. Citadel is an Ethereum-based GameFi platform, and its new plan is to send 1000% of the genesis mint to a DAO treasury in a trustless manner, which will be controlled by the community through on-chain governance. Citadel 2.0 will be released on November 14th.

Infrastructure & Tools

Ritual, a decentralized AI computing platform, completes $25 million financing with Archetype leading the way

Ritual, a decentralized artificial intelligence computing platform, has received a $25 million investment in a funding round led by Archetype. Accomplice and Robot Ventures also participated. The cash infusion will be used to build network infrastructure, expand the team to 15 people, and develop Ritual’s ecosystem. The company did not disclose the valuation of this round of financing. The startup plans to launch its alpha platform early next year. Ritual operates in a similar field to Gensyn, a blockchain AI computing protocol that completed a $43 million series A financing round with a16z leading in June.

Ritual, founded by Niraj LianGuaint and Akilesh Potti, who have worked at cryptocurrency investment company Polychain Capital for three years, has proposed five key areas of focus: creating its incentive network, connecting distributed computing devices, supporting hosting, sharing, reasoning, and refinement of AI models; an API layer for accessing the models; a proof layer to ensure computational integrity; resistance to censorship; and privacy.

Ingonyama, a cryptographic chip company, completes $20 million seed financing

Ingonyama, a cryptographic chip company, announced the completion of a $20 million seed financing round, with Walden Catalyst, a major investor in AI21 Lab, leading the way. Geometry, BlueYard Capital, Samsung Next, Sentinel Global, and others also participated. Many of the companies involved in this financing round heavily rely on zero-knowledge proof technology, including Israeli company StarkWare. It is reported that Ingonyama’s first chip is a programmable parallel processing unit similar to a GPU, but designed specifically to accelerate advanced encryption and is dedicated to zero-knowledge proof and fully homomorphic encryption. While the chip is being prepared, the company is collaborating with GPUs to develop open-source software for efficient operation of the same cryptography.

Velo Labs announces $10 million investment from DWF Labs

Web3 financial ecosystem Velo Labs announces a $10 million investment from DWF Labs. Building on this growth, Velo Labs recently provided key guidance in the “Hack-a-TONxDWFxAWS” hackathon event. Velo aims to create a compliant financial ecosystem through products and services using blockchain technology, enhancing global asset mobility and financial inclusiveness, while also promoting mainstream adoption of digital assets.

Llama completes $6 million seed financing, led by Founders Fund and Electric Capital

The access control and governance platform for smart contracts, Llama, announced the completion of a $6 million seed round led by Founders Fund and Electric Capital. Other investors include Elad Gil, Sandeep Nailwal, Stani Kulechov, Will Gaybrick, Amplify LianGuairtners, and FJ Labs. Llama is a full-stack platform for on-chain access control and governance, making access control and governance more efficient and secure. It is currently live on all major EVM chains.

Etherium scalability company Stackr Labs completes $5.5 million seed round, led by Archetype

Stackr Labs, a startup focused on Etherium scalability, has raised $5.5 million in seed funding. Archetype led this round, with participation from a16z Crypto Startup School, Lemniscap, Superscrypt, The SLianGuairtan Group, and Scalar Capital. Angel investors including Anurag Arjun from Avail also joined the seed round. Stackr is developing Etherium’s extended infrastructure for “Micro-rollups” or specific application rollups, aiming to help developers launch scalable web3 applications using web2 programming languages. Stackr’s modular framework allows developers to focus on the specific logic of their applications while managing the underlying rollup infrastructure.

Pimlico completes $4.2 million seed round led by a16z crypto

Pimlico, an intelligent account infrastructure, has completed a $4.2 million seed round led by a16z crypto. Previously, in September, Blockchain project Pimlico completes $1.6 million Pre-Seed round, led by 1confirmation. Pimlico is dedicated to providing the infrastructure layer to facilitate Ethereum’s transition to ERC-4337 smart accounts. The smart accounts offer customizable logic and introduce features such as gas sponsorship, ERC-20 token gas payments, multi-signature schemes, social recovery, and spending limits.

Payment startup Due completes $3.3 million seed round to develop blockchain-based platform

London-based payment service provider Due has completed a $3.3 million seed round, with Semantic and Fabric Ventures leading the investment. BlockTower, Speedinvest, Polymorphic Capital, and Discovery Ventures also participated. The company, founded last year, is currently building a platform that connects domestic payment channels using open and interoperable blockchain protocols. By leveraging Ethereum and its various scaling solutions, Due aims to enable underserved and emerging markets to access global liquidity continuously and facilitate transactions at lower costs and faster settlement times compared to traditional methods. Due will be launching this month, connecting payment channels in the US, Europe, the UK, and South Africa. The company plans to expand to Latin America and the Asia-Pacific region in the first quarter of next year.

Crypto analysis company Block Scholes completes $3.3 million in financing

Crypto analysis company Block Scholes, based in London, raised $3.3 million in a round of investment to expand its team and develop products. The funding comes from Record PLC, Investcorp, Dair Capital, Saison Capital, CoinSwitch, and FunFair Ventures. Block Scholes, launched in 2021, plans to use the new funds to enhance their current products and expand their team. The company states that it provides crypto data services to hedge funds, banks, and exchanges. Specifically, according to their website, they offer interactive analysis tools with quantitative models and customized visualization features for professional traders, retail market participants, and public sectors.

Web3 telecom digital solution provider Moflix completes $3.1 million in seed funding

Web3 telecom digital solution provider Moflix Group announced the completion of $3.1 million in seed funding, with participation from the Swiss non-profit organization Hashgraph Association. Moflix primarily offers Web3 solutions based on the open-source proof-of-stake network Hedera to global telecom operators. The new funds will be used to help Moflix expand its Web3 products to telecom enterprises, including Moflix digital wallets, trusted digital identity credential management, and more, enabling telecom companies to provide infrastructure, platforms, applications, and user experiences in support of Web3.

Web3 developer QuickNode receives strategic investment from LG CNS of South Korea

Web3 development platform QuickNode has established a strategic partnership with South Korean electronics giant LG CNS, providing information technology services including Web3 and AI. The collaboration also includes strategic investment in QuickNode, bringing the company’s total funding to over $100 million. In May 2021, Blockchain infrastructure QuickNode raises $5.3 million in funding, and in November of the same year, Blockchain development platform QuickNode completes $35 million Series A funding. Additionally, in January of this year, QuickNode raises $60 million in Series B funding at a valuation of $800 million.

Others

Blockchain-based real estate investment platform mogul Club completes $3.6 million in financing

Blockchain-based real estate investment platform mogul Club announced the completion of $3.6 million in seed funding, led by AY Ventures, with participation from Tim Draper & Associates, Draper B1, InterVest, Draper Dragon, Blizzard Fund, as well as executives from Goldman Sachs, JPMorgan, and other companies. To date, the company has raised a total of $4.2 million in funding. CEO and co-founder Alex Blackwood of mogul Club stated that although it is built on blockchain, users do not need to have blockchain experience, and all transaction records, tax payments, and tax refund information will be stored on the chain to ensure transaction security.

Centralized Finance

Almond FinTech, a B2B technology company connecting fiat currency and digital currency, raises $7 million

Almond FinTech, a B2B technology company connecting fiat currency and digital currency, has raised $7 million. This funding will help expand Almond’s rapidly growing network in Asia, the Americas, and Africa, while further strengthening its commitment to making financial services accessible and affordable to people around the world. Almond’s proprietary Settlement Optimization Engine (SOE) tracks hundreds of digital currencies and blockchains to determine the best route for international transfers, ensuring the lowest costs and highest availability. This technology completely transforms the way funds flow by enabling near-instant settlement, mitigating foreign exchange risks, and minimizing international float requirements. In addition to cross-border transactions, Almond also provides customers with a behavior-driven, game-changing credit scoring platform, offering fast, low-risk, and ethical loans to communities with unconventional or limited credit records.

Latin American crypto company Galactic Holdings completes $6.25 million Series A funding, led by Dragonfly

Galactic Holdings, a Latin American crypto company, has announced the completion of $6.25 million Series A funding, led by Galaxy Interactive and Dragonfly, with participation from SHK and other institutions. The injected funds will further drive the development of Galactic Holdings’ subsidiary brands, including the TruBit wallet, TruBit Pro exchange, and Mexican stablecoin MMXN in the Latin American market, while accelerating the expansion of cross-border payment services in other countries. Currently, TruBit has successfully established compliant channels for the three major fiat currencies in Mexico, Argentina, and Brazil, providing users with the ability to buy and sell cryptocurrencies directly through bank transfers. The company has also launched a Mastercard cryptocurrency prepaid card, offering a comprehensive range of digital financial solutions, including local and cross-border payments, spot and contract trading, and high-value over-the-counter transactions.

BondbloX, a bond exchange based on DLT technology, raises $6 million Series B funding with participation from Citi

BondbloX, a bond exchange utilizing distributed ledger technology (DLT), has announced the completion of $6 million Series B funding, with participation from Beacon Venture Capital (a subsidiary of Kasikornbank), Citi, MassMutual Ventures, Potato Productions, and Octava. Launched in 2020, BondbloX is a regulated fractional bond exchange based in Singapore that uses atomic settlement and distributed ledger technology. It was only opened to professional and qualified investors last month but is now allowing sales to retail investors. In September, it was announced that Citi became the digital custodian for BondbloX.

Singapore Blockchain Tokenization Platform Chintai Completes New Round of Financing, Led by B1

Singapore blockchain tokenization platform Chintai has completed a new round of financing, led by investment company B1. The specific amount of financing has not been disclosed. Chintai is an end-to-end blockchain platform with approval as a Recognised Market Operator (RMO) and Collective Investment Scheme (CIS) operator from the Monetary Authority of Singapore. This allows them to create regulated digital assets including bonds, real estate, funds, and carbon credits.

Venture Capital Institutions

Lightspeed Faction Launches First $285 Million Early-stage Crypto Fund

Lightspeed Faction, a venture capital firm focused on blockchain, has launched its first $285 million early-stage crypto fund. The Faction fund focuses on raising capital for early-stage blockchain projects in seed and Series A funding rounds. Prior to its public offering, the fund has already invested about 20% of its capital in a few projects, with a deployment period of approximately three years, but this may vary depending on the investment environment. Last year, Lightspeed focused on early-stage crypto funds and completed its initial funding round of $325 million, however, the fundraising activity is ongoing, and the total amount of financing for this crypto fund is expected to reach $400 million.

Interop Ventures, Focusing on the Cosmos Ecosystem, Completes $3.85 Million Financing with Participation from LBank Labs

Interop Ventures, an early-stage venture fund focused on investing in the “interchain economy,” announced the completion of a $3.85 million financing round, with participation from KR1, LBank Labs, and Sunny Aggarwal. The fund will specifically focus on the Cosmos blockchain ecosystem.