Avail Secures $43 Million in Series A Funding to Enhance Blockchain Data Solutions

By Zoe Cao | June 5, 2024

Avail, a leading data availability company, announced on Tuesday that it has raised $43 million in a Series A funding round. The round was led by prominent investors Founders Fund, Dragonfly, and Cyber Fund. This announcement comes just three months after Avail revealed it had secured $27 million in seed funding.

Originally a spin-off from Polygon in March 2023, Avail focuses on data availability networks that facilitate efficient and cost-effective storage of blockchain information. These networks are crucial for blockchain scaling, aiding layer-2 “rollup” networks in managing transaction data and other information independently of the main blockchain layer. This approach significantly reduces the load on the primary chain, resulting in lower costs for users.

The newly acquired capital will be invested in developing Avail’s Unification Layer, described by the company as “a cutting-edge modular technology stack that combines data availability, aggregation, and shared security to enable modular blockchains to scale and interoperate permissionlessly and securely.” Additionally, the funds will support the advancement of Avail’s “Fusion Security” layer, which aims to integrate major cryptocurrencies like ether (ETH) and bitcoin (BTC) to enhance the security of the Avail ecosystem. The Fusion Security layer is anticipated to launch in early 2025.

“With this new capital, we are poised to accelerate our development, expand our global presence, and continue to address the most critical challenges facing Web3 today, such as blockchain fragmentation, insufficient data availability, and limited scaling,” said Avail co-founder Anurag Arjun in a press release.

Source: Coindesk