Avail, a modular blockchain base layer, has successfully raised $75 million in various investment rounds. This funding comes as venture capitalists acknowledge the importance of addressing data availability concerns in the blockchain industry.
On June 4, Avail concluded a heavily oversubscribed Series A round, raising $43 million. This adds to the $32 million it had previously secured from pre-seed and seed rounds. Anurag Arjun, co-founder of Avail, intends to utilize the funds to develop the permissionless unification layer for Web3.
Arjun, who is also a co-founder of Polygon, leads Avail in tackling three key challenges within the Web3 ecosystem: blockchain fragmentation, limited scalability, and inadequate data availability (DA).
In an interview with Cointelegraph, Arjun explained how Avail DA addresses data availability issues by moving data off-chain and ensuring its availability through validity proofs, erasure coding, light clients, and data availability sampling (DAS).
The Series A funding round attracted participation from major venture capital firms and angel investors, including Altos Ventures, Alliance DAO, Hashkey, Elixir Capital, Spark Digital Capital, and RW3 Ventures, among others.
Avail aims to establish partnerships and collaborations with other Web3 players through its efforts in blockchain unification. Developers can leverage Avail’s capability to create and scale modern blockchain applications by spinning up a new rollup instead of building a separate layer 1.
Arjun believes that the increasing number of layer-1 and layer-2 blockchains can be detrimental to the industry, leading to fragmentation and confusion among users. He also sees venture capitalists being drawn to Avail’s vision of unification and its commitment to addressing the aforementioned challenges through its technology.
To enhance security, Avail plans to enable the restaking of multiple cryptocurrencies, including Bitcoin (BTC) and Ether (ETH), in addition to inheriting security from its base layer.
Joey Krug, a partner at Founders Fund, a participating venture capital firm, emphasized the ease of creating new protocols using Avail’s technology stack.
Avail’s roadmap includes the development of Avail Nexus, a unification layer based on Avail DA, to enhance cross-rollup operability. It also aims to establish Fusion Security, ensuring unified and shared security across the Avail ecosystem.
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