Big Money: ChainSafe Raises $18.75 Million Series-A

Web3 infrastructure provider ChainSafe Systems has raised USD $18.75 million in a Series A funding round that was reportedly oversubscribed.

According to a release, the funding was led byRound13 with participation from new investors NGC Ventures, HashKey Capital, Sfermion, Jsquare, and returning investors ConsenSys, Digital Finance Group, and Fenbushi Capital.

ChainSafe simultaneously announced that Khaled Verjee, Managing Partner of Round13’s Digital Asset Fund, will join ChainSafe’s board of directors.

ChainSafe is a Canadian Fintech based in Toronto but with additional offices in Europe. F0unded in 2017, ChainSafe reports that it is profitable emerging as a leading multi-chain research and development company with a focus on infrastructure development and web3 gaming.

Joseph Lubin, co-founder of Ethereum, founder of ConsenSys, and a ChainSafe Board Member commented:

“We have been close to ChainSafe since the early days when decentralized protocols were defining themselves and coming into their own. No organization has done a better job of establishing beachheads in important ecosystems and consistently making fundamental contributions. The people of ChainSafe combine integrity and excellence as well as any company in our ecosystem, and no organization has earned trust more broadly among its peers. This Series A raise enables ChainSafe to continue on its rapid growth path of strategic and synergistic protocol and product development.”

A top product from the firm is its SDK called web3.unity, a product for Unity games utilizing blockchain technology. This product seeks to minimize complexity as well as adding ownership to gaming. It is said to be in production with more than 100 development teams.

As well, ChainSafe’s cross-chain bridging solutions are said to have connected major blockchains together, including Ethereum, Polygon, and Avalanche, and in turn secured over $600 million in cross-chain token transfers.

New board member Kerjee stated:

“Since 2017, ChainSafe’s work has been instrumental in developing the web3 ecosystem, Their research, development work, and products touch all aspects of today’s blockchain infrastructure. We look forward to having a front-row seat to ChainSafe’s journey as the company brings its architecture to the forefront and makes it accessible to all.”

Aidan Hyman, CEO and co-founder of ChainSafe, explained they started with a vision of decentralized technology and over time the success of their contributions have become clear:

“I am proud of ChainSafe’s impact on the community and, with new partners joining our team, we are looking forward to accelerating the growth of the web3 ecosystem.”

 

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