- The funding round was conducted in two stages
- The startup did not disclose its valuation
Startup Taiko Labs, which is building zkEVM, has raised $22 million in investment from leading investors. The funding round was jointly led by Sequoia Capital China, GenerativeVentures, with participation from IOSG, KuCoin Ventures, Mirana Ventures, GSR, OKX Ventures, Skyland Ventures, Token Bay Capital, Yunqi Partners, GGV Capital, BAI Capital
The funding round was conducted in two stages. The first seed round took place in the third quarter of 2022 for $10 million with Sequoia China leading the way.. And recently, there was a Series A round in which Circle raised $12 million with Generative Ventures’ management.
The new capital is known to be used to successfully launch the mainnet.. However, the project plans to raise even more funds to create an investment fund to attract dApps and developers to the ecosystem.
The Taiko company is working on developing a scalable Ethereum blockchain solution, which they claim is as close to the original in terms of design and ideology as possible. Their product is described as a zero-knowledge Ethereum virtual machine of the first type.
Earlier this week, the company announced the release of the latest version of its test network, which they call the next step toward a decentralized Ethereum ZK-EVM.
One of the company’s co-founders said:
“Our goal is for blockchain technology to help improve quality of life for people around the world.
We also have a Taiko testnet guide on our website, see the article for details.