Mysten Labs, a web3 infrastructure company and developer of the Sui Layer 1 blockchain, announced the initial close of its $300 million Series B funding round.
This new capital “values the company at more than $2 billion.” The company intends “to use the proceeds from the round to continue building out the core infrastructure to power web3’s next wave of applications and accelerate the adoption of the Sui ecosystem.”
To make strides towards this mission, Mysten will “keep hiring the best minds across the globe, with an important emphasis on the Asia-Pacific region.”
The Series B investment round was “led by FTX Ventures, and included participation from new and existing investors, including a16z crypto, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures, Lightspeed Venture Partners, Sino Global, Dentsu Ventures, Greenoaks Capital, and O’Leary Ventures, among other investment funds and strategic partners.”
Launched in 2021 by former executives of Meta’s Novi Research and lead architects of the Diem blockchain and Move programming language, Mysten is “building the foundations for the decentralized future.”
The company’s inaugural product, Sui, is “a decentralized, proof of stake blockchain designed from the ground up to enable creators and developers from gaming to social media to finance to build experiences that cater to the next billion users in web3.”
Sui builds on important innovations in consensus algorithms and “leverages novel data structures that result in a high-performance Layer 1, that has expandable capacity while delivering a development environment for rich, dynamic, composable assets that will usher in a new generation of decentralized applications.”
These innovations “enable Sui to scale throughput and storage horizontally to meet application demand while maintaining extremely low operating costs per transaction.”
Evan Cheng, Co-Founder and Chief Executive Officer of Mysten, said:
“Current web3 infrastructure is in the dial-up era – it’s slow, expensive, capacity constrained, insecure, and simply hard to build for. With Sui, we are endeavoring to build a blockchain that scales with demand and incentivizes growth, eliminating middlemen, and enabling users across applications to seamlessly integrate and interact with their favorite products. This new funding will enable Mysten to continue to scale Sui, and we are grateful for the support from blue-chip investors and strategic partners who are aligned in our mission to unlock the ownership economy and bring digital assets to the masses.”
Sam Blackshear, Co-Founder and Chief Technology Officer of Mysten and the creator of Move, said:
“Sui marries the safe asset-centric features of Move with a new object-centric data model. This pairing enables new approaches to several blockchain scaling challenges and unlocks a more direct, accessible programming style for the next generation of smart contract developers.”
For more details on this update, check here.