Avail, a pioneering force in Web3 data availability and consensus, has successfully wrapped up a $27 million seed funding round.
Founders Fund and Dragonfly led the charge, with SevenX, Figment, Nomad Capital, and several angel investors also throwing their weight behind the project.
The announcement made on February 26 underscores the industry’s confidence in Avail’s mission to bridge the gaps within the Web3 ecosystem.
Empowering the Web3 Ecosystem
With this fresh capital infusion, Avail is set to expedite the development of its three cornerstone products: the data availability layer, the nexus unification layer, and the fusion security layer. Together, these components form the “Avail Trinity,” aiming to enhance the interoperability and efficiency of the Web3 landscape.
Joey Krug, a partner at Founders Fund, lauded Avail’s approach to blockchain architecture. He highlighted the potential for Avail’s modular infrastructure to significantly improve scalability and address the industry’s pervasive fragmentation challenges.
“[Avail’s] stellar team, tech stack, and emerging ecosystem are enabling a more modular design space for projects to build on their infra. By decoupling the different layers of the blockchain, Avail unlocks orders of magnitude scalability improvements and helps solve the current fragmentation issues in the space,” Krug explained.
The Future of Blockchain Scalability
Anurag Arjun, co-founder of Avail, pointed to the critical role of frameworks like Avail in the evolution of blockchain technology, especially as the industry leans more towards layer-2 rollups for scaling.
He predicted a future where deploying an app-specific rollup would be as straightforward as launching a smart contract, necessitating seamless inter-chain communication to avoid user experience fragmentation.
The landscape of layer-2 rollups is already showing signs of significant growth, with the total value locked (TVL) reaching $24.93 billion, marking an 8.76% increase over the past week. Arbitrum One dominates this space, housing over half of the rollup TVL with $12.98 billion.
Avail’s Journey and Vision
Originally conceived within Polygon Labs in 2021, Avail has since become an independent entity, continuing to push the boundaries of Web3 innovation.
In July 2023, it made headlines with the launch of a testnet bridge to Ethereum, facilitating the creation of validiums. These layer-2 solutions aim to reduce costs by not storing complete transaction data on the main network.
Under the leadership of Anurag Arjun and former Polygon research lead Prabal Banerjee, Avail is crafting the very infrastructure that will support the next generation of Web3 applications, making a more connected and accessible digital world.
