Polygon Spinoff Avail Raises $43M in Series A Funding

Avail is Data availability The network’s CEO, John F. Kennedy, announced Tuesday that it had raised $43 million in a Series A funding round led by Founders Fund, Dragonfly and Cyber ​​Fund.

The news comes as Avail, which spun out of Polygon in March 2023, Shared Seed funding of $27 million.

Data availability networks like Avail are used by blockchains to store information in a cheap and easily referenceable way. This technology is particularly useful in the context of blockchain scaling, helping layer-2 “roll-up” networks manage transaction data and other information without relying on the main blockchain layer. This offloading reduces the load on the main chain, lowering costs for end users.

The new funding round will go towards building Avail’s Unification Layer, “a cutting-edge modular technology stack that combines data availability, aggregation, and shared security to enable modular blockchains to scale and interoperate securely in a permissionless manner,” Avail said in a press release.

The team said the funding will also go towards the development of Avail’s “Fusion Security” layer, which will utilize cryptocurrencies such as Ether (ETH) and Bitcoin (BTC) to contribute to the security of the Avail ecosystem. I said before Fusion is expected to begin operations in early 2025.

“With this new funding, we are poised to accelerate our development, expand our global presence, and continue tackling the most significant challenges facing Web3 today, including blockchain fragmentation, poor data availability, and limited scaling,” Avail co-founder Anurag Arjun said in a press release.

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