Avail has raised $75 million across multiple funding rounds, with $43 million from an oversubscribed Series A on June 4.
The foundation of the modular blockchain model is in place. While venture capitalists are becoming more aware of the need to address data availability challenges across blockchains, Avail has been successful in securing $75 million through multiple investment rounds. The Series A round that Avail completed on June 4 was substantially oversubscribed, bringing in a total of $43 million.
This was in addition to the $32 million that the company had already raised through its pre-seed and seed rounds. Anurag Arjun, the co-founder of Avail, says the company will continue to focus the funding on building the permissionless unification layer for Web3. Arjun, a co-founder of Polygon, is its leader. Under his leadership, the company intends to address three significant difficulties that are present within the Web3 ecosystem.
“With this new capital, we are poised to accelerate our development, expand our global presence, and continue to address the most critical challenges facing Web3 today.”
These challenges are blockchain fragmentation, insufficient data availability (DA), and limited scalability. Arjun provided an explanation of how its DA addresses the problem of data availability by transferring data off-chain and validating its availability. In order to accomplish this, it’s data availability makes use of validity proofs, erasure coding, light clients, and data availability sampling (DAS).
A number of prominent venture capital (VC) firms and angel investors took part in the Series A funding round. These investors included Altos Ventures, Alliance DAO, Hashkey, Elixir Capital, Spark Digital Capital, and RW3 Ventures, amongst others. As part of its attempts to unify blockchain technology, Avail intends to cultivate relationships and collaborations with other Web3 participants.
By utilizing its power to spin up a new rollup rather than constructing a separate layer 1, developers are able to construct and scale current blockchain applications. Arjun said that increasing the number of layer-1 and layer-2 blockchains could potentially harm the space due to the fragmentation and confusion it creates among users.
Furthermore, Arjun believes that it attracts venture capitalists due to its unifying goal and the challenges it is addressing with its technology. As the number of layer-1 and layer-2 blockchains grows, it may be detrimental to the sector because it may lead to fragmentation and misunderstanding among users. Avail’s foundation layer provides the rollups with the security that they inherit.
The project intends to further strengthen its security by enabling the restaking of several cryptocurrencies, such as Bitcoin and Ether, among others. Joey Krug, a partner at Founders Fund, a venture capital firm involved in the investment, highlighted the simplicity of developing new protocols using Avail’s technological stack. The development of its Nexus, a unification layer based on its DA to increase cross-rollup operability, and Fusion Security, which will enable unified and shared security across the Avail ecosystem, are both on the roadmap for Avail.