$23m Funding Secured by Polymer Labs for Development of Blockchain Interoperability Network
Polymer Labs, a company at the forefront of blockchain technology, has recently secured an impressive $23 million in funding for its Series A round. This funding will be instrumental in the development of a modular layer 2 network.
The layer 2 network, developed by Polymer Labs, makes use of the Inter-Blockchain Communication (IBC) protocol from the Cosmos SDK, the settlement features of the OP stack, and Eigenlayer’s data availability layer. This combination of cutting-edge technologies aims to enhance blockchain interoperability.
The founders of Polymer Labs, Bo Du and Peter Kim, both established figures in the blockchain industry, made the decision to shift their focus to this project in the summer of 2021. Their goal is to revolutionize the way blockchain networks communicate with each other.
Initially, Polymer Labs set out to create an entirely new interoperability protocol. However, their extensive research and development led them to discover the Cosmos SDK’s IBC protocol, a groundbreaking solution that changed the course of their project. The IBC protocol, an integral part of the Cosmos ecosystem, enables secure and efficient data transfer between different blockchain networks.
The recent funding round was co-led by prominent industry players Blockchain Capital, Maven 11, and Distributed Global. In addition, a consortium of influential investors, including Coinbase Ventures, Placeholder, Digital Currency Group, North Island Ventures, and Figment Capital, also contributed to the round. This is not the first time Polymer Labs has attracted significant investment, as they previously closed their seed round in 2022 with $3.6 million in funding.
In a rapidly evolving industry like blockchain, securing substantial funding is crucial for companies like Polymer Labs to drive innovation and push the boundaries of what is possible. With this latest round of funding, Polymer Labs is well-positioned to continue its mission of improving blockchain interoperability.
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