Quick take:
- Founders Fund and Electric Capital led the round.
- Polygon co-founder Sandeep Nailwal and Stani Kulechov the founder of Aave also joined the fundraising.
- Llama wants to enable blockchain-based protocols to support role-based governance.
Llama has announced a $6 million funding round led by Founders Fund and Electric Capital. The fundraising also attracted participation from Polygon co-founder Sandeep Nailwal and Stani Kulechov the founder of Aave.
The company said it will use the funds to accelerate the development of its platform, enabling blockchain protocols to encode roles and permissions to execute on-chain actions like transferring funds.
Llama is building an access control governance platform that allows developers to focus on their core products. According to co-founders Shreyas Hariharan and Austin Greene, Llama’s aim is to support the development of secure decentralised protocols with higher resistance to exploits.
“Building and maintaining privileged access systems requires precious engineering resources and a large security budget. Teams just want a secure way to set and iterate on granular roles and permissions for all their decision-makers without writing custom modules,” said Greene.
Hariharan also thinks developers could use the platform “to scale their on-chain entities by defining roles and permission for critical actions such as protocol upgrades, moving treasury funds, editing smart contract parameters and initiating emergency halts.”
The two co-founders said their dream is driven by the challenges that blockchain builders face when developing their products. Their full-stack solution aims to make the process more effective in smart contract development.
“We’ve contributed to leading protocols and used our learnings to build the product we wish we had,” said Hariharan.
This fundraising comes at a time when funding for Web3 startups is in decline, as venture capital investors become more selective when adding to their portfolio projects.
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