January 24, 2024

Polymer Labs Raises $23 Mln in Series A Funding

Polymer Labs

Polymer Labs

Polymer Labs has successfully raised $23 million in a Series A funding round to develop an Ethereum Layer 2 network that aims to provide interoperability-as-a-service to Ethereum and its rollups.

The round was co-led by Blockchain Capital, Maven 11, and Distributed Global, with participation from Coinbase Ventures, Placeholder, Digital Currency Group, North Island Ventures, and Figment Capital. However, it is unclear when Polymer began raising funds for the project and when the round closed.

Co-founder Peter Kim has declined to comment on the timeline, structure of the round, and whether it was an equity, token, or equity-plus-token-warrants round, as well as on the project’s valuation.

Polymer Labs has recently closed its Series A funding round, which comes almost two years after it had raised $3.6 million in seed funding. The project is currently developing Ethereum interoperability infrastructure and is planning to launch the testnet by March, according to Kim.

Polymer Labs aims to create an “Ethereum interoperability hub” that will initially connect Ethereum and its rollups and eventually all blockchains, with the goal of establishing the next generation of the internet. The current Layer 2 networks and interoperability token bridges are widely used but have been vulnerable to hacks.

On the other hand, Polymer Labs’ Layer 2 rollup will enable different chain protocols to communicate securely and efficiently without introducing new trust assumptions, enhancing the functionality of a wide range of blockchains.

Polymer is a hub that makes use of the Inter-Blockchain Communication (IBC) protocol and the Optimism Stack for blockchain interoperability. It adheres to the Cosmos standard for blockchain interoperability, which enables developers to use its interoperability tool when building a web3 application on any chain.

The Polymer team comprises professionals who have worked at top firms such as Google, Citadel, McKinsey, Amazon, Verizon, EY, and Uber.

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