Last Updated on May 19, 2022
- Saga is a protocol for automatically building application-specific blockchains on Web3.
- Saga’s initial focus will be on the gaming and entertainment space.
- Saga will be focusing on the release of its AlphaNet in the coming months.
Blockchain product company, Saga, announced today that it has raised $6.5 million in seed funding to help developers in building dedicated blockchains – which the company calls “chainlets” – for Web3 applications.
Investors in the round include Maven 11, Longhash Ventures, Hypersphere, Figment, Polygon Studios, Samsung NEXT, Chorus One, GSR, C2X, CRIT Ventures, Merit Circle, Hustle Fund, Unanimous Capital, Strangelove Ventures, Tess Ventures, nfr, and Akash Network.
Several other angels including Zaki Manian, Jae Kwon, Garrette Furo, Alex Shin, Nick Tomaino, Peter Kim & Bo Du (Polymer) also participated in the round.
The seed funding brings Saga’s valuation to $130 million. Immediately after the raise, Saga also launched an Innovator Program to bring visionary web3 developers onto its upcoming AlphaNet.
“We’re incredibly humbled and excited to be working with such a remarkable group of investors that have done so much to advance the ecosystem and support the most cutting-edge innovation in web3,” said Rebecca Liao, co-founder & CEO. “Saga has a vision to make sure web3 meets the ambitions and desires of the greater developer and user community. That is why we are establishing an Innovator Program early in the life of the protocol, and we’re very excited to share details with current and future Saganauts.”
Saga is a protocol for automatically building application-specific blockchains on Web3. It allows developers to take a single-tenant Virtual Machine (VM) and automatically launch it on a dedicated blockchain, complete with fully provisioned validators and an optimally incentivised security structure.
The protocol design aims to fundamentally reimagine developer and end-user interactions with blockchains, with a view toward scalability, sovereignty and ease of setup.
The “chainlets” built using Saga’s protocol may be used as dedicated app-chains or as a horizontal scaling solution by other L1s and L2s. This is due to Saga’s unique token model that allows end-users to pay for fees in any Cosmos IBC-compatible token.
Saga’s initial focus will be on the gaming and entertainment space as they have the most urgent need for dedicated runtime environments, low gas fees and close to 100% SLA (service-level agreement).
Saga’s goal is to enable Web3 applications to deliver on their user’s needs as the metaverse expands. Over the next few months, Saga will be focusing on the release of its AlphaNet, onboarding developers onto its Innovator Program, and implementing infrastructure and gaming partnerships in Web2 and Web3.
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