The Initia project announced a seed round of $7.5 million

  • The Initia L1 blockchain team announced the preparation of a round with the participation of Delphi Ventures and Hack VC.
  • The public testnet of the project is expected in the first quarter of 2024.
  • The network is designed to create a single layer for interconnected rollups, the developers noted.

The Initia project plans to raise $7.5 million as part of the seed stage for the development of a blockchain focused on roll-ups. Согласно релизу, его возглавят компании Delphi Ventures и Hack VC. 

Funds will also be provided by several business angels, in particular, co-founder of Split Capital Zahir Ebtikar. The structure of the round, as well as the timing of its holding, are not specified in the release.

According to the official statement, the funds will be used to develop the blockchain of the same name.. The project is focused on rollups and is designed to improve their interaction, the developers noted.

As the developers noted, Initia is a “rethinking” of the multi-chain ecosystem. This blockchain aims to create a layer for “thousands” of interconnected rollups, they added.

The team has about 25 people, including people from projects such as Terraform Labs and Cosmos. As of February 2024, the network has been operating in closed test mode for several months.

The release of the open testnet is planned for the first quarter of 2024, the mainnet – for the second quarter of 2024.

Let us remind you that Incrypted regularly updates the digest on investment rounds in the field of Web3 and AI. The latest issue can be found here.