Celestia, Initia, Citrea and More: This Week’s Top Funding News

Major Crypto VC Funds Achieve $856M in Backing in 2024

Paradigm and a16z, two major VC funds, have signaled an influential trend in the crypto investment landscape with an achievement of over $856 million in backing, emphasizing developer tools. Noteworthy top deals include Eigen Layer, Espresso Systems, Story Protocol, Monad, and Farcaster. These funds focused on under five major deals in 2024, with Eigen Layer receiving a substantial $100 million round. 

VC funding, especially seed and Series A, topped $5 billion in the first half of the year, showing a shift towards infrastructure and tool creation over NFT projects. Robot Ventures and Polychain Capital also garnered attention by catching up with over $860 million in funding. Notably, high-profile VC funds are facing losses in investments. Celestia (TIA) has emerged as one of the successful investments, providing early VC backers with low-priced tokens and shares.

Initia Raises $14M in Series A to Launch Layer 1 Blockchain, Acquires Celatone

Initia, a blockchain project, raised $14 million in Series A funding, with a fully diluted token valuation of $350 million. Led by Theory Ventures, the round saw participation from Delphi Ventures, Hack VC, and notable angel investors. It brings Initia's total funds raised to $22.5 million. 

The project, focused on building a Layer 1 blockchain and an interwoven system of Layer 2s, concluded its testnet with impressive metrics of over 125 million transactions and nearly 3 million unique wallets. Initia aims to launch its mainnet and tokens within the next two months, and it recently acquired blockchain explorer Celatone and its team, Alles Labs, to support its endeavors.  

Citrea Secures $2.7 Million to Transform Bitcoin into a Financial Settlement Layer

Citrea, a groundbreaking project securing $2.7 million, aims to utilize Bitcoin as a pivotal financial settlement layer, integrating Ethereum-compatible smart contracts through BitVM. Spearheaded by the trust-minimized two-way peg system "Clementine," Citrea enables the creation of Bitcoin tokens on its blockchain, enhancing Bitcoin's utility beyond store-of-value functions. By leveraging BitVM's innovative approach, Citrea bridges Bitcoin's security with Ethereum's smart contract capabilities, paving the way for decentralized finance (DeFi) applications.

AminoChain: A16z's First DeSci Investment in Decentralized Biobank Platform

AminoChain, backed by a16z, is pioneering a decentralized biobank and Layer 2 network that enhances medical data sharing while prioritizing patient privacy and transparency. Through its Amino Node software, the platform harmonizes and standardizes data from various medical institutions, enabling interoperability and secure data exchange. 

This initiative aims to revolutionize medical data ownership and consent through blockchain technology, with the Specimen Center as its initial application, creating a peer-to-peer bio-sample marketplace. Having raised $7 million in pre-seed and seed funding, AminoChain is at the forefront of decentralized science, incentivizing collaborative and community-driven scientific research.  

Polymarket Considers Token Launch to Raise Over $50 Million

According to The Information, Polymarket is weighing a token launch to raise over $50 million for its Polygon-based decentralized predictions platform, with investors set to receive token warrants. The tokens could potentially be used for users to validate real-world event outcomes, although no decision has been made yet. 

In May, Polymarket secured $45 million in a Series B round led by Peter Thiel's Founders Fund and others, and has amassed close to $1 billion in wagers for the U.S. presidential election market. Kamala Harris is currently favored with a 50% chance of winning compared to Donald Trump's 49%. This move could significantly impact the future of decentralized predictions platforms.  

Mawari Network Raises $10.8M for Solana-based Spatial Computing Project

Mawari Network, a Solana-based DePIN project, secured $10.8 million in strategic funding led by Anfield Ltd, Borderless Capital, and 1kx, totaling $17.3 million raised. Founded in 2017, it focuses on scaling spatial computing, blending real-world interactions with digital information through AR, VR, and XR technologies. 

Mawari's Mawari Engine enables seamless streaming of real-time 3D content for various devices. With three patents and 11 more in process, Mawari serves 40 global clients, generating around $1.5 million in annual revenue. It plans for a mainnet launch and node license sale to boost its infrastructure and decentralization efforts soon.