Ava Labs Inc., the lead developer of the Avalanche blockchain, has raised $350 million in funding round at a $5.25 billion valuation.
The valuation of this fundraise will make the company one of the most valuable crypto startups in the world.
The New York-based Ava labs was founded in 2018 by Emin Gün Sirer, Kevin Sekniqi, and Ted Yin, It is the next-generation blockchain platform with revolutionary scalability, decentralization, security, and flexibility.
The startup is attempting to compete with the likes of Ethereum and Solana by offering high speeds and low transaction fees for applications ranging from trading and lending to games. It is gaining traction with users and developers, who visited Avalanche Summit in Barcelona in March, according to The Economic Times.
According to tracker DappRadar, there are about 250 active apps running on Avalanche, many of them in decentralized finance or gaming.
According to CoinMarketCap.com, the respective AVAX token has a market cap of $21.5 billion and has gained almost 19% in value over the past month.
With bitcoin falling below its November all-time highs, amid concerns over Fed tightening, inflation, and Russia’s invasion of Ukraine, the company is raising money even as crypto markets remain volatile.
In September 2021, Polychain Capital and 3AC raised $230 million in a token sale in the Avalanche public blockchain ecosystem, benefiting the Avalanche Foundation.
In June 2020, Ava Labs raised $12 million private sales of its AVAX token from Bitmain, Galaxy Digital, and others, according to The Economic Times.
About Ava labs :
Ava Labs makes it simple to launch decentralized finance applications on Avalanche, the fastest smart contracts platform in the blockchain industry. They are empowering people to easily and freely digitize all the world’s assets on one open, programmable blockchain platform.
Ava Labs was founded by Cornell computer scientists who brought on talent from Wall Street to execute their vision. The company has received funding from Andreessen Horowitz, Initialized Capital, and Polychain Capital, with angel investments from Balaji Srinivasan and Naval Ravikant.