Quai, a Layer-1 crypto network for the global and compute economies, announces the closing of a $5 million funding round with participation from Cogitent Ventures, MH Ventures, TPC Ventures, Giga Chad Ventures, and DexCheck Ventures.
Additionally, Quai previously secured $10 million “from Polychain Capital and Alumni Ventures, bringing its total funding to $15 million.”
With this support, Quai claims it is set to reignite “the crypto revolution by introducing the first decentralized energy dollar on the only scalable and programmable Proof-of-Work blockchain.”
In addition to the fundraise, Quai has also officially “launched its Mainnet-compatible Devnet. This Devnet precedes the fourth testnet of the protocol and is the first Devnet with workshares, UTXO transactions, and dynamic sharding.”
The new funds will be strategically allocated “to accelerate Quai’s growth and development. This includes scaling the team, particularly in engineering and developer relations, intensifying research and development efforts, and investing in community engagement initiatives.”
Sayantan Mitra, PhD, General Partner at Cogitent Ventures believes that Quai addresses the painpoints of multi-chain systems.
The main objective of the Devnet is to “provide all tooling and infrastructure required to build a project on Quai Network.”
The team looks to encourage developers “to launch innovative projects that will bolster the foundation for the Quai ecosystem.”
Since its inception in 2022, Quai Network has advanced “the blockchain landscape by refining scalability with its multi-layered architecture, enhancing anti-censorship through advanced cryptography, and optimizing consensus for greater security and efficiency.”
The network also prioritizes seamless integration “with other blockchain and financial systems while empowering its community through robust governance mechanisms.”
These developments underscore Quai Network’s commitment “to meeting the evolving demands of the blockchain ecosystem and solidifying its leadership in the industry.”
This announcement follows a string of industry collaborations.
Quai recently joined the UTXO Alliance, “alongside heavyweights Cardano, Ergo, Nervos Network, and Topl Protocol to advance the UTXO model with enhanced security, interoperability, and scalability.”
In recent months, Quai has also forged strategic partnerships “with PortalToBitcoin, Stork Network, and IO.Net.”