The blockchain space saw a big week of venture capital (VC) activity, with 23 startups securing over $154 million in funding.
according to Data From Crypto Fundraiser The amount of money flooding the crypto space has surpassed last week’s total by nearly $91 million.
Venture capital firms also funded 10 more projects this week than last week.
Below is a breakdown of the most important deals:
The channel is $37 million
Conduit was at the top of the pack. Cryptocurrency Infrastructure dominated with a $37 million Series A funding round.
Paradigm and Haun Ventures co-led the effort. Robot Ventures, Credible Neutral, Coinbase Ventures, Bankless Ventures and several angel investors also participated.
The funds are expected to go toward developing Conduit’s customizable blockchain-based products, such as assemblies. The funds will also help the company achieve its vision of making on-chain computing more accessible, thus simplifying the development process for blockchain technology innovators.
Mega Labs, $20 million
MegaLabs, the mastermind behind the new Ethereum (ETH) scaling protocol, has raised $20 million in a seed funding round led by Dragonfly Capital.
The round was announced on June 27, and included notable angel investors such as Ethereum co-founder Vitalik Buterin, ConsenSys CEO Joseph Lubin, EigenLayer creator Sriram Kannan, and Flashbots’ Hasso.
According to MegaLabs, the new capital injection will accelerate the development of its MegaETH protocol. The company plans to launch a testnet in the coming months.
Now $20 million
Ora, a blockchain project focused on integrating artificial intelligence into decentralized applications, also raised $20 million. Investors such as Polychain, HF0, and Hashkey Capital participated in the financing.
Ora plans to use the funds to develop its technology and infrastructure to tokenize AI models and bring decentralized AI to the Ethereum ecosystem.
Central to Ora’s innovations is its Optimistic Machine Learning (opML) technology, which underpins its flagship product, opp/ai. It uses optimistic systems and zero-knowledge technology to create safe and efficient on-chain machine learning with privacy-preserving features.
Additionally, Ora introduced the concept of “Initial Model Offering” (IMO), which allows for the tokenization of ownership of open-source AI models.
Crossover markets, $12 million
Tech firm Crossover Markets was among the big beneficiaries of this week’s crypto venture capital activity, raising $12 million in a Series A funding round led by Illuminate Financial and DRW Venture Capital.
The round also attracted strategic investors, including Flow Traders and Wintermute, as well as retail brokers, such as Exness, Gate.io, and Think Markets.
Crossover Markets is best known for its execution-only electronic communications network, CROSSx, which serves as an institutional trading venue for digital assets.
In Q1 2024, the company reported a nominal trading value of over $3.15 billion, 415,450 trades, and over 141 billion quotes processed on CROSSx. It said it will use the new funding to continue investing in its team and technology in the hope of strengthening its position in the market further.
Revised, $10 million
Elsewhere, Redacted, an online entertainment and gaming platform, has raised $10 million in a round led by Spartan Group, with participation from Animoca and P2 Ventures.
Notable figures in the crypto space such as Dingaling and Grail also contributed, affirming their support for Redacted’s vision to provide a more engaging and rewarding user experience.
The project’s marketing is said to have caught the attention of investors and enthusiasts alike. More than 150 Web 3 influencers are said to have adopted “deleted” avatars, indicating their involvement and support for the initiative.
It also uses a catchy slogan, “Don’t ask, refine,” which plays on crypto culture and encourages investors to choose reputable projects.
The funding will support the development of the Reducted ecosystem, which will offer a range of entertainment and gaming products powered by the RDAC token.
AnchorZero, $8 million
AnchorZero, a New York-based platform that enables founders to leverage Roth IRAs for tax savings, A believer $8 million in seed funding.
The round was led by Bain Capital Crypto and Spark Capital, with additional support from Ethereal Ventures, Robot Ventures, and Mis Chief Capital. Angel investor Sarah Meyohas also provided funding.
The platform offers a flagship product that aims to simplify the transfer of startup ownership to Roth IRAs. This approach could unlock hundreds of millions in tax savings and allow gains to be compounded tax-free.
By holding stocks in a Roth IRA, founders can take advantage of significant tax benefits. Any gains realized upon exit are protected from capital gains taxes, and those initial gains can be reinvested to grow tax-free.
Contribution, $5 million
Covalent, a blockchain data infrastructure company, has closed a $5 million strategic funding round led by RockTree Capital.
The round also saw significant participation from CMCC Global, Moonrock Capital, and Double Peak Group.
Following the successful funding round, Covalent launched the New Dawn initiative, a comprehensive rebranding effort that aims to align it more closely with the native crypto community and reduce institutional influence.
Ganesh Swami, co-founder of Covalent, plans to expand the startup’s operations across Asia, particularly in China, Korea, and Singapore, and support blockchain and AI innovations in the region.
SoSoValue, $4.15 million
SoSoValue has closed a $4.15 million seed funding round led by HongShan and GSR Markets. Other participants include Alumni Ventures, One Piece Labs, and CoinSummer Labs.
The platform, which aims to empower investors with AI-powered data services, says it will use the funds to expand its global research community.
In just five months since its launch, SoSoValue has reportedly attracted over 1.2 million organically registered users. The platform is designed to empower investors at all levels, providing them with the tools and resources needed to make informed decisions in the fast-paced cryptocurrency market.
