Movement Labs, a blockchain developer, secures $38m in funding.
San Francisco-based blockchain developer, Movement Labs, has successfully raised $38 million in a Series A funding round led by Polychain Capital. The funding will be used to support the company’s mission of integrating Facebook’s Move Virtual Machine into Ethereum (ETH), with the aim of addressing vulnerabilities in smart contracts and improving transaction speed.
Notable venture capital firms such as Hack VC, Placeholder, Figment Capital, Bankless Ventures, OKX Ventures, and Aptos Labs also participated in the funding round. Movement Labs revealed that the Ethereum ecosystem suffered losses exceeding $5.4 billion between 2022 and 2023 due to smart contract exploits.
To combat these attacks, Movement Labs has developed the Move-EVM product, which enables developers to deploy code that undergoes real-time verification, effectively blocking attack vectors like reentrancy.
Move is a programming language based on Rust, originally created by Facebook for its now-discontinued Diem blockchain crypto payment project. It is platform-agnostic and provides a secure framework for writing smart contracts used in cryptocurrencies, non-fungible tokens (NFTs), and decentralized applications (apps).
This successful funding round follows Movement Labs’ previous achievement of securing a $3.4 million pre-seed round in September 2023. Notable contributors to the fund included Varys Capital, the Avalanche Fund by Blizzard, dao5, Borderless Capital, and others within the Wormhole developer ecosystem. Angel investors such as Chandler Song, Ryan Fang, Stanley Wu from Ankr, George Lampeth from dao5, and Calvin Liu from Eigenlayer also participated.
The funds from the pre-seed round were intended for the introduction of the Movement SDK, a tool aimed at simplifying the creation of secure and high-performing Move environments for established blockchains.
Furthermore, Movement Labs partnered with Covalent (CQT), a multichain indexer with integration across 225 chains, earlier this year. This partnership aims to bring real-time data indexing and deployment tools, including Covalent’s Unified API and GoldRush Kit, into the Movement ecosystem. Covalent’s Unified API provides seamless access to real-time and historical blockchain data, making it an essential tool for AI in web3. The GoldRush Kit enhances user experience by offering a user-friendly interface for accessing and visualizing historical blockchain data within the Movement Labs ecosystem.
