Quick take:
- Cosmic Wire has emerged from stealth with a $30 million seed round led by Polygon Labs and Solana Foundation.
- The company will use the fund to accelerate the development of its decentralised web3 tech stack.
- Cosmic Wire provides a web3 SDK that accelerates the development of web-based metaverse experiences, content CDNs, and payment solutions.
Cosmic Wire, the web3 infrastructure and blockchain company that offers a tech stack for building metaverse experiences, content CDNs and payment solutions has emerged from stealth with a $30 million seed round led by Polygon Labs and Solana Foundation.
This fundraising makes the Miami Florida-based startup the first cross-chain funded web3 company.
According to the press release, Cosmic Wire plans to use the funds to accelerate the development of its tech stack which includes metaverse SDK solutions, content CDNs, payment solutions and web3 e-commerce integrations for both digital and physical products.
Commenting on his company’s leading role in the fundraising, Johnny Lee, general manager of Games, Entertainment, and Media at Solana Foundation lauded Cosimic Wire’s decision to build its ecosystem on the Solana Blockchain.
“Their metaverse SDK solutions significantly reduce development times of high-fidelity, 3D, browser-based metaverse experiences with e-commerce of both physical web3 digital products, content CDNs, payment solutions and avatar UGC all integrated,” added Lee.
This announcement comes on the heels of the company’s selection to participate in Google Cloud’s highly anticipated web3 startup program, announced in April 2023.
With this funding, Cosmic Wire is also setting its goals towards global expansion as it looks to leverage the experience of its leadership team, entrepreneurs, developers, and blockchain experts.
Commenting on the fundraising, Jerad Finck, CEO and Founder of Cosmic Wire expressed his appreciation for the support the company received from investors.
“Thanks to the massive success of the Seed round, we’re now empowering creators, businesses, and entire industry sectors connecting people globally, and transforming the very way we communicate and transact,” added Finck.
This fundraising also comes during a period when the venture funding for web3 startups has been on a decline. However, based on this week’s developments, many startups will be optimistic ahead of their planned funding drives.
Polychain Capital just raised $200 million, while CoinFund announced an oversubscribed $158 million fourth fund, a majority of which will be going towards web3 startups raising for pre-seed and seed rounds.
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