Quick take:
- The company will use the funds to develop its Web3 data accessibility and cross-chain communication solution.
- The company also announced the launch of its SDK for general message-passing, allowing programmatic omnichain interactions between blockchains.
- The company wants to provide developers with all the tools needed to launch cross-chain dApps.
Analog has announced a $16 million funding round to build a blockchain interoperability protocol for dApps. The fundraising attracted participation from multiple Web3 venture funds, blockchain companies and angel investors including Balaji Srinivasan, the former Coinbase CTO and ex-A16z partner who recently launched The Balaji Fund for Web3 projects.
Mike Novogratz’s Samara Asset Group, Tribe Capital, NEAR, Outliers Fund, Black Label Media, Orange DAO, Mask Network, Wintermute, Presto Labs, GSR, NGC Ventures, gmjp web3 Fund, Ocular Fund, Global Coin Research, Alumni Ventures and C-Suite from OMG Network, Benqi Finance and Quantstamp also joined the round.
Analog also announced the launch of its software developer kit (SDK) for general message-passing, allowing programmatic omnichain interactions between blockchains. The company wants to provide Web3 builders with the tools they need to launch their cross-chain dApps as part of its strategy of advancing Web3 data accessibility and cross-chain communication.
Commenting on his company’s participation in the fundraising, Boris Revsin, Managing Director of Tribe Capital said his company was excited to support Analog’s efforts to revolutionise interoperability in the blockchain industry. “Their continued commitment to excellence gives us confidence that they will build the solutions that set the stage for the next generation of DApps,” he said.
Analog is built on the belief that there will be distinct layer-1 and layer-2 blockchains in the future and the realisation that there is a clear lack of tooling, education, and developer-focused infrastructure to onboard developers onto multiple blockchain platforms.
Analog wants to address this challenge by building a suite of tools and technologies that help reduce the barriers to building easily accessible cross-chain apps.
The company has built The Timechain, a Rust-based blockchain that hosts various validators, called Time Nodes and Chronicle Nodes, which validate and relay messages, enabling different applications to connect to different blockchains.
Victor Young, Founder of Analog commented: “The steadfast support from our partners and investors underscores the industry’s recognition of the importance of redefining cross-chain communication. This substantial investment will fuel our ongoing efforts to develop cutting-edge solutions that transcend current limitations, fostering a new era of innovation and collaboration in the decentralized space. We are grateful for those in our corner and excited about the shared opportunities that lie ahead as we continue to break new ground in the blockchain landscape.”
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