Ethereum startup Aligned Layer clinches $2.6m in venture capital

Aligned Layer, a startup touted as a “universal verification layer for Ethereum,” confirmed Sunday, April 14, that it raised $2.6 million in seed funding.

Lemniscap, a seven-year-old firm that has backed multiple companies in the crypto blockchain space, led the effort. The firm previously led the $2.4-million funding round for web3 startup Safary in January.

Bankless Ventures and Paper Ventures are also backing Aligned Layer, along with StarkWare, O(1)Labs and Ingonyama CEO Omer Shlomovits.

Aligned Layer announced the capital raise via social media. See below.

1. We’re excited to announce that we’ve raised $2.6M in our Seed Round, led by @Lemniscap , to enable developers to access affordable and fast proof verification for all proof systems.

Aligned Layer helps Ethereum become a better, faster and cheaper settlement layer for validity… pic.twitter.com/pFCOFRAh8R

— Aligned Layer (@alignedlayer) April 14, 2024

Aligned Layer is touted as the first decentralized ZK Proof verification layer for Ethereum. It’s also powered by Eigen Layer — a restaking mechanism that allows ETH stakers to reallocate their staked ETH and Liquid Staking Tokens (LSTs) to improve security for other protocols.

You might also like: Blockchain fraud group strikes again, launches fresh scheme on Blast network

Aligned Layer goals

The company will put the proceeds of the capital raise toward expanding its operations and accelerating Aligned Layer’s mainnet launch, scheduled for the second quarter of 2024.

As an infrastructure provider, Aligned Layer aims to lower costs and improve speeds for developers that are building applications like L2s, or layer-2 networks.

The seed round also included participation from several angel investors, including Sreeram Kannan, Brandon Kase, Daniel Lubarov, DCbuilder, Chainyoda, Weikeng Chen, Sami BENYAKOUB (samnode_), Peter Fittin (SizeChad) and Lucas Kozinski.

“Today’s announcement is a testament to our team’s shared dedication to making Ethereum the most cost-effective and efficient platform for ZK verification by using Eigen Layer,” Aligned Layer co-founder Roberto José Catalán said in a prepared statement.

“At Aligned Layer, we firmly believe that developers should be able to use the proof system that best suits their needs, without being constrained by the settlement layer,” he added.

The funds are expected to give the company enough runway to execute goals, Catalán added.

The Aligned Layer funding comes on the heels of a busy week for crypto venture capitalists. New York-based Monad Labs, for example, scored $225 million in funding as part of a round led by Paradigm. Monad is a layer-1 blockchain compatible with the Ethereum Virtual Machine but can process transactions using the same set of rules faster.

There was also Bitcoin layer-2 network Mezo. The startup raised $21 million in a Pantera-led funding round.

During the first three months of 2024, global investors put $2.5 billion into crypto-related startups, according to PitchBook.

Read more: Bitcoin layer-2 network Mezo raises $21m in Pantera-led funding round

Source