December 7, 2023

Web3 Startup Versatus Raises $2.3 Mln In Seed Funding Round

Versatus

Versatus

Versatus Labs, a startup focused on scaling blockchain, with a current focus on Ethereum, has raised $2.3 million in a seed funding round at a valuation of $50 million.

The round included investors such as NGC Ventures, Republic Crypto, and Hyperithm, and there was no lead investor. Andrew Smith, founder and CEO of Versatus, said the round was an equity plus token warrant round. The startup began raising funds for the round in June and closed it in August.

Versatus, previously known as VRRB Labs, had previously raised $1.4 million through a pre-seed round in February with a $20 million valuation. At that time, Versatus had been working on a Layer 1 blockchain network, but the startup has now pivoted to a blockchain scaling platform due to a lack of market demand for an alternative Layer 1.

Versatus is developing a new type of roll-up called LASR, which is referred to as a “stateless rollup.” This means that LASR doesn’t store the entire data or state, which improves scalability.

Instead, it only stores the necessary data from transactions and applies it to the base layer. LASR is not restricted to Ethereum, but for now, it will settle on Ethereum. It is layer-agnostic and can be used with any layer or blockchain. LASR can be a Layer 2 on top of a Layer 1, Layer 3 on top of a Layer 2, or an off-chain execution environment for Layer 1s.

Currently, LASR focuses on scaling Ethereum while reducing the cost and inefficiencies associated with it. It aims to eliminate the friction and centralization that comes with optimistic rollups while also providing a 100x better developer experience.

Versatus has partnered with EigenLayer and Stader Labs. EigenLayer founder Sreeram Kannan said Versatus LASR is a key milestone in Ethereum’s scaling roadmap.

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