Founders Fund and Dragonfly lead $27M seed round for Avail

Avail, a data availability and consensus layer for Web3, has successfully concluded a seed funding round, raising $27 million. The round was led by Founders Fund and Dragonfly, and included participation from SevenX, Figment, Nomad Capital, and several angel investors. The funds raised will be utilized to accelerate the advancement of Avail’s three core products, collectively known as the “Avail Trinity”: the data availability layer, the nexus unification layer, and the fusion security layer. By leveraging Avail’s modular blockchain infrastructure, greater interoperability within the Web3 ecosystem could be achieved, as stated by Joey Krug, a partner at Founders Fund. Anurag Arjun, the co-founder of Avail, emphasized the growing importance of similar Web3 unification frameworks, particularly in the context of blockchain scaling relying more on layer-2 rollups. At present, the total value locked in L2 rollups stands at $24.93 billion, with Arbitrum One being the largest protocol, accounting for over 50% of the value locked. Avail was initially launched by Polygon Labs in 2021 but later became an independent project. In July 2023, Avail introduced a testnet bridge to Ethereum, enabling the creation of low-cost layer 2s called validiums, which do not store complete transaction data on the main network. The project is led by Anurag Arjun and former Polygon research lead Prabal Banerjee.