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Polymer Labs raises $23m for blockchain interoperability network

polymer-labs-raises-23m-for-blockchain-interoperability-network
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Polymer Labs raises $23m for blockchain interoperability network

Today, Polymer Labs secured $23 million in funding for its Series A round to help develop a modular layer 2 network. 

The layer 2 network utilizes the Cosmos SDK’s Inter-Blockchain Communication (IBC) protocol, OP stack’s settlement features, and Eigenlayer’s data availability layer. Founders Bo Du and Peter Kim, who have been involved in the blockchain industry, shifted their focus to this project in the summer of 2021, aiming to improve blockchain interoperability.

Originally, Polymer Labs aimed to develop an entirely new interoperability protocol similar to several general message-passing protocols already in existence. However, their research and development led them to the Cosmos SDK’s IBC protocol, a discovery that pivoted their project’s direction. The IBC protocol is a crucial element in the Cosmos ecosystem, designed to enable secure and efficient data transfer between distinct blockchain networks.

The funding round was co-led by notable industry players Blockchain Capital, Maven 11, and Distributed Global. This round also witnessed contributions from a consortium of influential investors, including Coinbase Ventures, Placeholder, Digital Currency Group, North Island Ventures, and Figment Capital. Previously, in 2022, Polymar Labs closed its seed round with $3.6 million in funding.