Ava Protocol secures 10 million in Seed funding
Ava Protocol, an innovative platform in the Web3 space, has successfully secured $10 million in Seed+ funding, as reported by Finbold on June 11.
The funding includes an initial round of $5.5 million followed by an additional $4.5 million in Seed+ funding. This capital injection will support the development of Ava Protocol’s intent-driven, event-based Eigenlayer AVS, which aims to revolutionize private autonomous transactions on Ethereum and other blockchains.
The recent Seed+ funding round attracted investments from prominent backers such as Electric Capital, Taisu Ventures, Bloccelerate VC, BingX Exchange, and Shima Capital, in addition to earlier supporters like Sandeep Nailwal, co-founder of Polygon, Greylock, Foundation Capital, and GSR.
Chris Li, the Founder of Ava Protocol, expressed gratitude towards the investors for believing in their vision of enabling composable autonomous transactions in Web3. He highlighted the importance of moving towards the mainnet and partnering with ecosystem players to showcase the efficiency of Ava Protocol’s super-transactions for payment and smart contract data.
Sam Shev, the Head of Marketing at Ava Protocol, stressed the significance of investor support, while Jerry Chen from Greylock commended Ava Protocol’s transformative potential in elevating blockchain payments to sophisticated streams that can cater to various use cases while simplifying the process for dapp developers.
The newly raised funds will propel Ava Protocol’s mission to build foundational Web3 infrastructure for intent-based private autonomous transactions, enabling cross-chain smart contract automation based on conditions like time, price, or computation.
Ava Protocol’s development is progressing rapidly, with the testnet already accommodating over 10,000 unique wallets and processing more than 1,000 automated transactions daily. The protocol aims to offer recurring and automated “Super-Transactions” for Ethereum without the need for custom code, providing private automation for any transaction or smart contract execution.
With a strong commitment from over 30 ecosystem partners to develop dapps using Ava Protocol’s technology, and strategic partnerships with Polkadot, Moonbeam, and Astar, the stage is set for widespread adoption of autonomous transactions.
