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VC firm a16z crypto spearheads $4.2m seed funding for web3 company Pimlico

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VC firm a16z crypto spearheads $4.2m seed funding for web3 company Pimlico

UK-based Pimlico has raised $4.2 million in a seed funding round led by a16z crypto, aiming to improve the Ethereum network by introducing versatile smart accounts through ERC-4337.

Pimlico, a UK-based web3 infrastructure firm, has successfully secured $4.2 million in seed funding, a substantial boost spearheaded by a16z crypto. The company has its sights set on leveraging this investment to scale its operations.

Pimlico’s core mission is to enhance the Ethereum network’s user-friendliness and functionality by implementing smart accounts through ERC-4337—a protocol for account abstraction.

The introduction of smart accounts is Pimlico’s response to the limitations of Ethereum’s current structure, where each account is restricted to one private key. Pimlico CEO Kristoff Gazso emphasized that smart accounts are a game-changer, offering a plethora of customizable options.

These include innovative solutions for gas sponsorship, using ERC-20 tokens for gas payments, advanced account recovery methods, and establishing spending limits. Additionally, they aim to incorporate modern verification methods like FaceID or passkeys, enhancing both security and user convenience.

This recent financial milestone follows Pimlico’s prior success in raising $1.6 million in a pre-seed funding round on September 24, which saw participation from 1confirmation, Safe, Consensys and over ten other contributors.

Gazso articulates the strategic timing of this capital raise, stating that it comes at a “pivotal point” for Ethereum (ETH). Pimlico’s foundation is built on the premise of making Ethereum more accessible, and with this new generation of smart accounts, it is poised to offer the necessary infrastructure to realize this vision.