TLDR:
- Aligned Layer, a startup focusing on a universal verification layer for Ethereum, raised $2.6 million in seed funding led by Lemniscap.
- The company plans to use the funding to expand operations, accelerate the mainnet launch scheduled for Q2 2024, and lower costs and improve speeds for developers building applications like L2s.
Aligned Layer, a startup aiming to create a “universal verification layer for Ethereum,” recently secured $2.6 million in seed funding. The investment was led by Lemniscap, a firm with a history of backing companies in the crypto blockchain space, including Safary. Other investors in this round include Bankless Ventures, Paper Ventures, StarkWare, O(1)Labs, and Ingonyama CEO Omer Shlomovits.
The company boasts of being the first decentralized ZK Proof verification layer for Ethereum and is powered by Eigen Layer, a restaking mechanism that allows ETH stakers to reallocate their staked ETH to improve security for other protocols. Aligned Layer plans to utilize the funding to expand operations and speed up the mainnet launch, which is slated for the second quarter of 2024.
Aligned Layer’s primary goal is to enhance Ethereum’s cost-effectiveness and efficiency for ZK verification by using Eigen Layer to empower developers to choose the proof system that best fits their needs without being limited by the settlement layer. The funding will also allow the company to execute its near-term objectives and introduce more features to its platform.
The investment round also saw participation from angel investors like Sreeram Kannan, Brandon Kase, Daniel Lubarov, and others. This funding comes at a time when the crypto venture capital landscape is robust, with significant investments pouring into blockchain and crypto-related startups in the first quarter of 2024. However, the blockchain gaming sector seems to be experiencing a slowdown in funding compared to the previous quarter.
