TLDR:
- Web3 platform Analog has secured $16 million in funding to advance its cross-chain communication tools for developers, bringing its valuation to $120 million.
- The funding round was backed by several crypto projects and Web3 funds, including Near, Wintermute, Orange DAO, Benqi Finance, Quantstamp, Tribe Capital, Alumni Ventures, and NGC Ventures, as well as former Coinbase executive Balaji Srinivasan and Mike Novogratz’s family office, Samara Asset Group.
Web3 platform Analog has raised $16 million in funding to support the development of its cross-chain communication tools for developers. Backers of the round include several crypto projects and Web3 funds, such as Near, Wintermute, Orange DAO, Benqi Finance, and Quantstamp, as well as venture capital firms Tribe Capital, Alumni Ventures, and NGC Ventures. Former Coinbase executive Balaji Srinivasan and Mike Novogratz’s family office, Samara Asset Group, also participated in the funding. With this round, Analog’s valuation reaches $120 million.
Analog, founded in 2021 by Victor Young and Sanchal Ranjan, is building a developer-facing product that allows for querying data from smart contracts across different blockchain networks. The startup is also introducing a software development kit for general message passing, enabling communication and interoperability across blockchains for asset transfers, automated market makers, decentralized exchanges, and nonfungible tokens. Analog’s solution aims to simplify pulling and analyzing on-chain data by offering cross-chain development features combined in a single toolkit.
Projects working on cross-chain technology are becoming more popular as Web3 continues to expand across multiple blockchains. Analog hopes to stand out from the competition by focusing on cross-chain development features rather than relying on third parties, such as oracles, to facilitate communication between networks.
