Avail Secures $27 Million in Seed Funding Led by Founders Fund and Dragonfly

Avail Secures $27M Seed Funding Round Led by Founders Fund and Dragonfly

Avail, a leading Web3 data availability and consensus layer, has announced the successful closure of a $27 million seed funding round. The round was led by renowned venture capital firms Founders Fund and Dragonfly, along with other notable investors such as SevenX, Figment, and Nomad Capital.

The company plans to utilize the funds to accelerate the unification of the Web3 ecosystem through the development of its three core products, collectively known as the Avail Trinity. These include the Data Availability (DA) layer, the Nexus unification layer, and the Fusion security layer.

According to Joey Krug, partner at Founders Fund, Avail’s modular blockchain infrastructure has the potential to enhance interoperability within the Web3 ecosystem. He stated, “With Avail’s innovative approach, we can expect to see increased interoperability and collaboration within the Web3 space.”

Web3 Unification Frameworks to Play Crucial Role in Blockchain Scaling, Says Avail Co-Founder

According to Anurag Arjun, the co-founder of Avail, the growing reliance on layer-2 rollups for blockchain scaling will make similar Web3 unification frameworks increasingly important. Arjun stated:

“As rollup tooling continues to mature, deploying an app-specific rollup will become as simple as deploying a smart contract today. With the rise of multiple chains, it will be crucial for them to seamlessly communicate with each other to avoid a fragmented user experience.”

The total value locked (TVL) in layer-2 rollups has reached $24.93 billion, marking an 8.76% increase in the past week. The largest protocol in this space is Arbitrum One, which accounts for over 50% of the TVL with $12.98 billion, according to L2beat.

Polygon Labs Spin-Off Avail Releases Testnet Bridge for Ethereum, Led by Former Polygon Co-Founder and Research Lead

Avail, originally launched by Polygon Labs in 2021, has now become a separate project. In July 2023, Avail introduced a testnet bridge to Ethereum, enabling the creation of “validiums” or low-cost layer 2s that do not store full transaction data on the main network. The team at Avail is led by former Polygon co-founder Anurag Arjun and former Polygon research lead Prabal Banerjee.