- Orb Labs has announced a $4.5 million funding round led by Bain Capital Crypto.
- The seed round also attracted participation from Shima Capital, 6th Man Ventures, Aves Lair, Newman Capital, Modular Capital, and SevenX Ventures.
- The company said it will use the funds to accelerate the development of its blockchain interoperability solution.
Orb Labs has secured a $4.5 million seed round led by Bain Capital Crypto. The fundraising also attracted participation from leading venture capital firms and web3 investment companies including Shima Capital, 6th Man Ventures, Aves Lair, Newman Capital, Modular Capital, and SevenX Ventures.
Orb Labs says it is building a blockchain interoperability solution that prioritises efficiency and security, making it easier for developers to build user-friendly cross-chain applications. The company said in a press release on Tuesday that it is trying to address drawbacks in current interoperability protocols that are either too expensive, slow, or not secure.
Orb Labs’ says its interoperability solution, EarlyBird is at least 10x cheaper than other interoperability protocols while also boasting a higher level of security. The highly dynamic protocol allows developers to choose security levels based on the use case, cost, and speed.
Commenting on the fundraising, Richard Adjei, Co-Founder of Orb Labs lauded his company’s interoperability protocol citing its ability to push the limits on usability and security as a major advantage over current cross-chain interoperability protocols.
“Our team is excited to power the next wave of blockchain interoperability by providing gas-efficient, fast, and trust-minimized messaging protocols. We believe Orb Labs has the potential to create the new standard for messaging, token transfers, and advanced interoperation between blockchains, and we look forward to continuing to work towards our mission of unlocking the full potential of the blockchain ecosystem.”
The company also revealed it is building MagicLane, an efficient, secure, and composable omnichain token and messaging platform built on Earlybird, which allows developers to operate on shared security models.
Orb Labs said some of the funds from the seed round will also be used to expand its team, scale technology capabilities and perform security audits ahead of the platform’s official launch.
Lydia Hylton, Partner at Bain Capital Crypto commended Orb Labs for building a cutting-edge blockchain interoperability solution “to reduce the current inefficiencies and costs that burden Web3 developers.”
“Richard, Felix, and the Orb Labs team are well-positioned to help developers capture more value across multiple blockchains and usher in a multi-chain future. We look forward to continuing to support their mission,” she said.
On the other hand, Yida Gao, Founder and Managing General Partner of Shima Capital commented: “There is an ever-growing need for multi-chain infrastructure and interoperability before Web3 achieves mass adoption. The first step towards meeting this need is building flagship protocols to draw in users and nurture a growing community.
Gao believes that Orb Labs has the capability to take cross-chain interoperability to the next level, citing Early Bird and MagicLane as good examples of the company’s potential. “We can’t wait to see their efforts play out,” he added.
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