Ex-Novi Engineers Raise $36M for Blockchain Infra Startup
Main page Technologies, business, Blockchain-as-a-Service

Blockchain infrastructure provider Mysten Labs, developed by former Novi engineers, raised $36 million in a Series A funding round led by Andreessen Horowitz (a16z), CNBC reports. Other investors, including Redpoint, Lightspeed, Coinbase Ventures, Electric Capital also participated in the funding. The company plans to use the proceeds to expand the list of supported blockchain networks.

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"We have been dreaming about doing something together for a long time. We are building infrastructure that, based on our previous research, will overcome a lot of limitations," Mysten Labs CEO, Evan Cheng, told CNBC.

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Mysten Labs pursues the business model that other cryptocurrency projects are also following. Particularly, the company wants to hodl tokens for the blockchain networks it is working with instead of generating revenue from products and services.

"We are not building a service where we charge other people money for them to use this. Our partners get the benefit of having access to the technology, and we become co-owners in their network. We take back a portion of the network shares in return. So it is a mutually beneficial kind of relationship," Cheng added.

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Earlier in October, Alchemy, a blockchain infrastructure provider, raised $250 million in a Series C funding also led by a16z. The startup also attracted funding from other investors, including Coatue, Addition, DFJ, and Pantera. The latest fundraising brought the company's valuation at $3.5 billion.

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