Funding Weekly: 35 deals raised approximately $166 million, with a large number of projects involving AI narratives
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Funding Weekly: 35 deals raised approximately $166 million, with a large number of projects involving AI narratives
Between January 22 and January 28, eight blockchain companies raised over $5 million each.
Navigating Web3 tides with focused insightsBy TechFlow
According to RootData, between January 22 and January 28, 35 blockchain startups announced fundraising totaling approximately $166 million.
Projects that raised over $5 million include:
Ethereum ZK coprocessor Axiom raised $20 million in Series A funding;
Web3-native data lake development company Hyperline raised $5.2 million in seed funding;
Crypto bank Sygnum raised $40 million;
RWA protocol Dinari raised $7.5 million in seed funding;
ZK-L1 network Nockchain developer Zorp raised $5 million in seed funding;
Ethereum Layer 2 developer Polymer Labs raised $23 million in Series A funding;
ZK infrastructure provider Ingonyama raised $21 million in seed funding;
Avalanche ecosystem decentralized data network Masa raised $5.4 million in seed funding.
Highlighted Projects
Axiom
Overview: Axiom is a ZK coprocessor enabling smart contracts to access and process all on-chain data trustlessly. A ZK coprocessor is software that processes off-chain data, then transmits it to the Ethereum mainnet and verifies it using zero-knowledge proofs.
Investors: Ethereum ZK coprocessor Axiom announced $20 million in Series A funding led by Standard Crypto and Paradigm, with participation from Robot Ventures and Ethereal Ventures.
Features:
1. Allows smart contracts to perform trustless computations across Ethereum's entire history, including transactions and receipts;
2. Axiom V2 mainnet has launched, supporting modular components for on-chain applications without modifying existing deployed business logic;
3. Axiom’s design makes it suitable for various use cases, including autonomous airdrops in smart contracts, on-chain loyalty systems, solver-driven DeFi protocols, NFT-related marketplaces and lending protocols, and randomness oracles.
Polymer Labs
Overview: Polymer Labs is a modular networking protocol built on IBC, aiming to achieve decentralized, secure, and permissionless cross-chain interoperability.
Investors: Ethereum Layer 2 developer Polymer Labs raised $23 million in Series A funding led by Blockchain Capital, Maven 11, and Distributed Global, with participation from Coinbase Ventures, Placeholder, Digital Money Group, North Island Ventures, and Figment Capital.
Features:
1. Polymer will launch its L2 public testnet using the IBC protocol and Optimism Stack as an interoperability hub for Ethereum;
2. Polymer’s customizability and security features make it ideal for both traditional and crypto institutions;
3. The Polymer team includes professionals from Google, Citadel, McKinsey, Coinbase, Amazon, Verizon, Twilio, EY, and Uber.
Meson Network
Overview: Meson Network aims to build a user-authorized decentralized physical network using DePIN+AI technology. Its nodes support various hardware, including personal laptops, servers, and IoT devices, forming a widely distributed and open network.
Investors: DePIN+AI project Meson Network announced a new strategic funding round led by Presto Labs at a $1 billion valuation.
Features:
1. Token sale launching February 9 at 2:00 AM UTC, distributing 2.5% of total supply (2.5 million MSN tokens);
2. Meson allows users to convert unused bandwidth into tokens; tokens are allocated both as miner rewards and systematically burned;
3. The network has over 100,000 nodes globally, with approximately 20 Tb/s bandwidth capacity and average latency of 90 ms.
Detailed Funding Information by Sector:
DeFi
Sui-based lending protocol Scallop announced a strategic investment from Move ecosystem DEX and liquidity protocol Cetus on X, with the amount undisclosed.
DeFi perpetual protocol aggregator Cadence Protocol announced completion of seed funding with participation from strategic angel investors including Dewhales Capital, CSP DAO, FourMoons Investment Group, Scott Lewis (founder of Code4Arena/Canto/Slingshot), Stephan Tong (co-founder of Zellic), and Ryon Nixon from Marin Ventures. The funding amount was not disclosed. The funds will be used to launch a perpetual protocol on the Canto chain, enhancing capital efficiency through integration of RWA, contract-sourced revenue (CSR), and liquid staking derivatives (LSD).
On-chain financial platform VETA Finance announced $2.85 million in strategic funding led by Matrixport Ventures, with participation from imToken Ventures, WT Capital, Future Money Group, and 280 Capital. Focused on structured digital asset products, VETA provides full-service chains for DeFi platforms, structured product quotes, and exchange operations. This round will fund improvements in structural product offerings and IT system enhancements.
Cross-chain lending protocol Synonym announced $1.5 million in seed funding led by Bordless, with participation from Robot Venture, Big Brain Holdings, and Wormhole’s cross-chain ecosystem fund. The funding will allow Synonym to expand into new ecosystems.
Multi-chain DEX aggregator and one-stop trading portal Arken Finance announced strategic funding from Arche Fund, which also became a strategic partner. The amount was not disclosed. Arken Finance offers seamless cross-chain trading and improved liquidity, integrated OKX DEX API last October, and provides multi-chain DEX aggregation.
DePIN
DePIN+AI project Meson Network announced on X a new strategic funding round led by Presto Labs at a $1 billion valuation, with the amount undisclosed. Meson Network focuses on DePIN+AI, aiming to build a human-authorized decentralized physical network. Meson’s "DePIN" nodes use user-friendly tech to support diverse hardware such as personal laptops, servers, and IoT devices. By leveraging idle bandwidth from these nodes, Meson creates an economic loop connecting idle resources with business needs.
AI+DePIN project EMC (Edge Matrix Computing) announced completion of its first strategic funding round of several million dollars, with undisclosed amount. Investors include Swiss Bochsler Group, Future3 Campus, 1783 Labs, Frontier Research, DMC, VOFO Corp, Exabits.ai, Hashmeta, CEEX Labs, and BlueSea. EMC is a project incubated by Wanxiang Blockchain Lab and HashKey Capital’s Web3 incubator Future3 Campus, aiming to build a decentralized AI computing power network and a Web3 platform bridging GPU computing assets and AI applications.
AI
Crypto-native AI platform imgnAI completed a $1.6 million seed round led by Hack VC, with participation from Rana Capital, Selini Capital, West Ham Capital, Motus Capital, and dao5. The valuation was not disclosed. Funds will enhance imgnAI’s infrastructure, accelerate product development, and expand marketing efforts, including support for launching “Naifu,” a “digital companion” product offering high-performance text and image responses with greater creative freedom than Web2 alternatives. Launched in late 2022, the image-generation bot platform uses imgnAI tokens to unlock premium features and mint images directly as NFTs. Tokens used for these functions are subsequently burned, reducing total supply.
Layer 1
ZK-L1 network Nockchain developer Zorp announced $5 million in seed funding led by Delphi Ventures, with participation from North Island Ventures, CMCC Global, Portal Ventures, Champion Hill Ventures, Breed VC, Octu Ventures, and Labyrinth DAO. Zorp is building Nockchain as a high-throughput chain providing proofs for computation, storage, and new namespaces. Using Nock, Zorp created the first combiner-based virtual machine compatible with zero-knowledge proofs. Nockchain is a proof-of-useful-work blockchain operating atop its ZKVM.
Layer 2
Ethereum Layer 2 developer Polymer Labs raised $23 million in Series A funding led by Blockchain Capital, Maven 11, and Distributed Global, with participation from Coinbase Ventures, Placeholder, Digital Money Group, North Island Ventures, and Figment Capital. Polymer Labs is building an “Ethereum interoperability hub,” initially connecting Ethereum and its rollups, then expanding to connect all blockchains, aiming to build the next-generation internet.
Metaverse
Metaverse project PECland completed a $600,000 alpha round with participation from IceTea Labs, Spark Digital Capital, Moonrock Capital, Morningstar Ventures, Basics Capital, Onemax Capital, Crypto Banter, TradeCoinVN, HG Ventures, MoonBoots DAO, and ZBS Capital.
NFT Lending
NFT lending protocol Singular announced $3 million in seed funding led by IOBC Capital, with participation from Bitcoin Cash Foundation, Bing Ventures, DG Capital, and Divide Labs. Singular’s first fully cross-chain PFP project, Golden Chipmunk with token attributes, is launching soon. It will enable real-time cross-chain transfers across BTC, ETH, and Layer 2s. Holding Golden Chipmunk will grant additional future airdrop incentives from Singular.
GameFi
P2E gaming platform Arcade raised $4.8 million led by Crypto.com Capital, with participation from Solana Ventures, Shima Capital, KuCoin Labs, and GSR. Arcade co-founder and CEO Josh Poole stated the funding was secured via a Simple Agreement for Future Tokens (SAFT). Arcade will also hold a public sale for its ARC token on Ethereum starting February 27, lasting 72 hours. According to Poole, there will be no further public sales planned—“other token distributions will occur through community incentive programs.”
MMORPG game Spellborne developer Mon Studios raised $1.35 million in strategic funding, with participation from 32-Bit Ventures, Momentum 6, Yunt Capital, D64 Ventures, County Capital, and founders/executives from Animoca Brands, YGG, FaZe Clan, Immutable, and Tatsumeeko. Funds will continue development of Spellborne.
Bitcoin Ecosystem
Bitcoin RGB infrastructure provider BiHelix received strategic investment from BTC NEXT, a Bitcoin network ecosystem investment management fund under LK Venture, the crypto investment and research arm of Blue Harbor Interactive. BiHelix is built on native Bitcoin blockchain and combines RGB protocol with Lightning Network to optimize nodes, addressing Bitcoin’s scalability and Turing incompleteness limitations.
Bitcoin DA layer Bsquared Network (B² Network) announced seed funding with participation from HashKey Capital, OKX Ventures, IDG Capital, KuCoin Ventures, ABCDE, Waterdrip Capital, OGs FUND, and Antalpha Group. B² Network is the first Bitcoin Layer 2 built using ZK Rollup and on-chain logic gate commitment verification, EVM-compatible and developer-friendly. While solving Bitcoin’s scalability issues, B² Network preserves core principles of decentralization, trustlessness, and transparent ledger, aiming to expand Bitcoin’s utility and influence in Web3.
Bitcoin DEX Bitflow Labs announced $1.3 million in pre-seed funding led by Portal Ventures, with participation from Bitcoin Frontier Fund, Bitcoin Startup Lab, Big Brain Holdings, Newman Capital, Genblock Capital, and Tykhe Block Ventures. Bitflow focuses on sustainable BTC yields, using technologies like PSBT, atomic swaps, AMMs, and Stacks-based Layer 2 solutions for trading BTC and stablecoins.
Gamified Bitcoin accelerator 10n8 Little Dragon announced $1.5 million in funding with participation from Centauri Digital Asset Group, Mirai DAO, New Tribe Capital, 3M Capital, Ivan on Tech, SeedThrift Ventures, Boxmining, Spicy Capital, and Satoshi Stacker. 10n8 Little Dragon aims to accelerate projects in the Asia-Pacific region, driving more users to stake, play games, and earn yields across different mining pools and games, with plans to develop a Unity-based metaverse game in the future.
Social Applications
Social network Friends With Benefits (FWB) announced that its software development company, Scene Infrastructure Company, raised $3 million in seed funding led by a16z crypto. Scene Infrastructure Company is led by Jose Mejia, a long-time Dapper Labs DAO contributor and former DAO product lead, and Ethan Daya, co-founder of Zora. FWB will serve as a test case to explore tokenized social network applications.
Web3 esports fan engagement platform Stan raised $2.7 million with participation from Aptos Labs, Pix Capital, Maelstrom Fund, GFR Fund, CoinDCX Ventures, Climber Capital, TDV Partners, and Coinswitch Ventures. Stan enables users to buy collectibles and interact with popular esports figures (players or KOLs) via chat and audio rooms and exclusive communities on its platform. Some collectibles are Web3-based, such as NFTs.
RWA
Web3 equity trading firm Dinari raised $7.5 million in seed funding from Third Kind Venture Capital, 500 Global, former Coinbase CTO Balaji Srinivasan, Sancus Ventures, and Version One VC. Dinari plans to launch dShare, a trading platform where tokens are pegged 1:1 to underlying securities, giving users access to investments in publicly funded private companies. The service will not be available in the U.S.
Infrastructure
Avalanche ecosystem decentralized data network Masa announced $5.4 million in seed funding led by Anagram, with participation from Avalanche Blizzard Fund, Digital Money Group, and GoldenTree. The venture firm was co-founded by Lily Liu of Solana Foundation and Joe Eagan, formerly of Polychain. Funds will support launching Masa’s subnet on Avalanche this year. Masa aims to create a data platform where users contribute personal data and receive compensation in Masa’s native token. Developers can access this data to train AI models and build apps while preserving user privacy.
Decentralized data platform Bagel Network announced $3.1 million in pre-seed funding led by CoinFund, with participation from Protocol Labs, Borderless Capital, Maven11 Capital, Graph Paper Capital, and Breed VC. Bagel Network plans to leverage blockchain and zero-knowledge encryption to compete with Web2 counterparts like HuggingFace, Kaggle, and Pinecone, targeting mainstream machine learning and AI sectors.
ZK infrastructure provider Ingonyama raised $21 million in seed funding led by IOSG Ventures, Geometry, and Walden Catalyst Ventures. Ingonyama currently focuses on enhancing zero-knowledge proof (ZKP) capabilities via its ICICLE product. ICICLE accelerates ZKP computation on GPUs, aiming to make ZKPs faster, more accessible, and cost-effective. Ingonyama plans to continue developing and optimizing ZKP technology, expanding its applications beyond blockchain into other industries requiring high privacy and security.
Web3-native data lake development company Hyperline announced on January 24 a $5.2 million seed round led by Slow Ventures, with participation from South Park Commons, Script Capital, Canonical Crypto, Picus Capital, Volt Capital, Mischief, and Maelstrom. The company builds shared storage and compute engines for Web3 developers creating AI products and analytics applications, supporting data-driven services.
Ethereum ZK coprocessor Axiom announced $20 million in Series A funding led by Standard Crypto and Paradigm, with participation from Robot Ventures and Ethereal Ventures. Axiom stated it will continue developing new methods for smart contract developers to access more data at lower on-chain costs.
Tools
German NFT and on-chain analytics platform BitsCrunch announced $2.4 million in funding led by Cypher Capital, with support from Coinbase Ventures, Animoca Brands, Chainlink, Crypto.com Capital, Morningstar Ventures, and Shima Capital. BitsCrunch is an AI-powered decentralized NFT data platform enabling developers to build reliable NFT dApps, and also provides analytical services for NFTs and multi-chain digital assets.
Digital asset data provider CCData officially announced strategic investment from VanEck and MarketVector Index, though the amount remains undisclosed. The company aggregates real-time crypto data from global exchanges, offering comprehensive, accurate digital asset data, reference rates, and indices. Its data solutions are adopted by institutions in traditional finance and digital assets including MSCI, Pantera, Ripple, BitGo, MetaMask, Coinbase, and 21Shares, and it maintains strategic distribution partnerships with Refinitiv and SIX Digital.
Web3 security company KEKKAI raised $1.5 million in seed funding with participation from Bixin Ventures, Sora Ventures, Decima Fund, Plug and Play, FlickShot, Mask Network, Stratified Capital, MZ Web3 Fund, Presto Labs, GoPlus Security, and Dora Ventures. Additionally, KEKKAI launched a new mobile browser app, KEKKAI Mobile. The company stated the funds will primarily support product development, expanding distribution channels for KEKKAI SDK/API and KEKKAI Audit, and hiring in marketing, sales, HR, engineering, and blockchain research.
Web3 Apps and Infrastructure developer Web3Intelligence announced $4.5 million in private funding with participation from DAO MAKER, Shima Capital, and Gate.io. DOPE is Dopamine’s utility token, providing gamified experiences for DeFi investing, and will list on major centralized and decentralized exchanges in Q1. Institutional holders of DOPE will gain access to Web3Intelligence’s anti-money laundering (AML) infrastructure, which scores Web3 wallet compliance and encapsulates it on-chain as an NFT.
CeFi and Others
South Korean digital asset custodian BDACS completed seed funding with participation from Blizzard Fund, though the amount was not disclosed. BDACS will provide institutional custody for AVAX and BTC.b on Avalanche and staking support for Avalanche’s P-Chain. Beyond expanding Avalanche-based products and accessibility, BDACS plans to broaden access to digital assets across South Korea.
Crypto bank Sygnum announced raising over $40 million in a strategic funding round led by Milan-based asset manager Azimut Holding, valuing the company at $900 million.
Brink's Company, known for armored cash trucks, made a strategic investment in and partnered with crypto custodian BitGo, with terms undisclosed. Brink's will become BitGo’s global security logistics and vault provider, strengthening Brink's presence in digital assets.
Beam wallet developer Eco announced the acquisition of stablecoin shopping platform Join. Eco Inc. CEO Andy Bromberg stated: “This is Eco’s first acquisition and a milestone for the company.”
Cryptocurrency exchange EDX Markets, backed by Citadel Securities and Fidelity Digital Assets, announced completion of its Series B funding led by Sequoia Capital and Pantera Capital, with participation from Citadel Securities, Virtu Financial, and others, though the exact amount was not disclosed. EDX Markets is establishing an exchange in Singapore and, following additional investor funding, plans to expand offerings to include spot and perpetual futures.
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