Sei Labs, a blockchain firm behind the layer-1 infrastructure for trading, has raised $30 million from a pool of investors to deepen its presence in the Asia-Pacific region.
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In a press release on Tuesday, the firm said it had received support from Jump, Distributed Global, Multicoin, Asymmetric, Flow Traders, Hypersphere, and Bixin Ventures. A spokesperson for Sei Labs said the funding round brings the firm's valuation to $800 million.
The proceeds are said to be used for accelerating Sei Labs' growth and expansion as layer-1 network for trading. Jayendra Jog, Co-Founder of Sei Labs, says the funding "will accelerate our efforts to unlock the next cycle of new applications in Web3, enabling developers to build apps that are orders of magnitude more performant than before."
Sei is said to have over 120 projects built on it and processed over 35 million transactions in less than a month in mid-March. As per reports, Sei's latest public testnet attracted over 3.5 million unique users.
This is the second funding for the firm founded in 2022. According to data from Crunchbase, Sei Labs previously raised $5 million from Coinbase Ventures and other investors.
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