Avail — a Web3 data availability and consensus layer — has closed a $27 million seed funding round led by Founders Fund and Dragonfly.
The $27 million seed round included other notable venture capital firms, including SevenX, Figment, Nomad Capital and other angel investors, according to a Feb. 26 press release shared with Cointelegraph.
The funds will be deployed to help accelerate the unification of Web3 by bolstering the developments of the firm’s three core products, also known as the “Avail Trinity:” the data availability layer, the nexus unification layer and the fusion security layer.
Avail’s modular blockchain infrastructure could lead to more Web3 ecosystem interoperability, according to Joey Krug, partner at Founders Fund. He wrote:
“[Avail’s] stellar team, tech stack, and emerging ecosystem are enabling a more modular design space for projects to build on their infra. By decoupling the different layers of the blockchain, Avail unlocks orders of magnitude scalability improvements and helps solve the current fragmentation issues in the space.”
According to Anurag Arjun, the co-founder of Avail, similar Web3 unification frameworks will become increasingly important as blockchain scaling becomes more reliant on layer-2 rollups. Arjun wrote:
“Rollup tooling will mature to such an extent that it will be as easy to deploy an app-specific rollup as it is to deploy a smart contract today. In this world of 10s and 1,000s of chains, they will need to talk to each other seamlessly, otherwise this will lead to a huge user experience (UX) fragmentation issue.”
The total value locked (TVL) in L2 rollups is $24.93 billion at the time of writing, up 8.76% over the past week. Arbitrum One is the largest protocol, accounting for over 50% of the value locked in rollups, with a $12.98 billion TVL, according to L2Beat.
Avail was launched by Polygon Labs in 2021 but was later spun off as a separate project. In July 2023, Avail released a testnet bridge to Ethereum to enable the creation of validiums, which are low-cost layer 2s that don’t store full transaction data on the main network. Avail is led by Arjun and former Polygon research lead Prabal Banerjee.
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