2024

Chaos

Read

<p class="is-style-lead">This week saw over $130 million raised across various crypto VC funding rounds. </p> 
<p>Here’s a breakdown of the activity from Monday, Aug. 12 through Saturday, Aug. 17: </p> 
<h2 class="wp-block-heading" id="chaos-labs-55-million">Chaos Labs, $55 million</h2> 
<p>On-chain risk management company Chaos Labs raised $55 million in a series A round. </p> 
<p>Haun Ventures led the effort. Lightspeed Venture Partners, F-Prime Capital, and Wintermute also participated.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">1/ We're excited to announce our $55M Series A led by <a href="https://twitter.com/HaunVentures?ref_src=twsrc%5Etfw" target="_blank" rel="">@HaunVentures</a> alongside <a href="https://twitter.com/lightspeedvp?ref_src=twsrc%5Etfw" target="_blank" rel="">@lightspeedvp</a>, <a href="https://twitter.com/FPrimeCapital?ref_src=twsrc%5Etfw" target="_blank" rel="">@FPrimeCapital</a>, <a href="https://twitter.com/wintermute_t?ref_src=twsrc%5Etfw" target="_blank" rel="">@wintermute_t</a>, <a href="https://twitter.com/galaxyhq?ref_src=twsrc%5Etfw" target="_blank" rel="">@galaxyhq</a>, <a href="https://twitter.com/PayPal?ref_src=twsrc%5Etfw" target="_blank" rel="">@PayPal</a>, <a href="https://twitter.com/slow?ref_src=twsrc%5Etfw" target="_blank" rel="">@slow</a>, <a href="https://twitter.com/TheSpartanGroup?ref_src=twsrc%5Etfw" target="_blank" rel="">@TheSpartanGroup</a>, and more.<br><br>Our company is named after the problem we’re trying to solve.<br><br>The Chaos Labs mission is simple:… <a href="https://t.co/1k50EHT0Tc" target="_blank" rel="">pic.twitter.com/1k50EHT0Tc</a></p>— Chaos Labs (@chaos_labs) <a href="https://twitter.com/chaos_labs/status/1824083311230107719?ref_src=twsrc%5Etfw" target="_blank" rel="">August 15, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>According to the team behind Chaos Labs, the project has tripled its customer base over the past year, with over 20 protocols, including Aave (<a href="https://crypto.news/price/aave/" target="_blank" rel="noreferrer noopener">AAVE</a>) and GMX (<a href="https://crypto.news/price/gmx/" target="_blank" rel="noreferrer noopener">GMX</a>), relying on its technology.&nbsp;</p> 
<p>To date, the platform has $860 billion in cumulative trading volume and $25 billion in loans. The team said it will use the new funding to improve real-time, contextualized risk management for <a href="https://crypto.news/tag/defi/" target="_blank" rel="noreferrer noopener">DeFi</a> protocols.</p> 
<h2 class="wp-block-heading" id="sahara-ai-43-million">Sahara AI, $43 million</h2> 
<p>Sahara AI, a decentralized AI blockchain platform, grabbed headlines by securing $43 million in <a href="https://crypto.news/tag/funding/" data-type="link" data-id="https://crypto.news/tag/funding/">funding</a> co-led by Binance Labs, Pantera Capital, and Polychain Capital. </p> 
<p>An array of notable investors also contributed, including Samsung, Sequoia Capital, and Matrix Partners.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Sahara AI raised $43M to build a collaborative AI economy!<br><br>Co-led by <a href="https://twitter.com/PanteraCapital?ref_src=twsrc%5Etfw" target="_blank" rel="">@PanteraCapital</a>, <a href="https://twitter.com/BinanceLabs?ref_src=twsrc%5Etfw" target="_blank" rel="">@BinanceLabs</a>, and <a href="https://twitter.com/polychain?ref_src=twsrc%5Etfw" target="_blank" rel="">@polychain</a>, this funding brings us closer to a future of open, equitable, and secure AI through our decentralized AI blockchain platform.<br><br>We also saw participation from… <a href="https://t.co/f67Vi0nDey" target="_blank" rel="">pic.twitter.com/f67Vi0nDey</a></p>— Sahara AI (@SaharaLabsAI) <a href="https://twitter.com/SaharaLabsAI/status/1823708561517764866?ref_src=twsrc%5Etfw" target="_blank" rel="">August 14, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Since its founding in April 2023, Sahara AI has grown rapidly, partnering with over 35 tech giants including Microsoft and Amazon.</p> 
<p>The company aims to disrupt the centralized <a href="https://crypto.news/tag/ai/" target="_blank" rel="noreferrer noopener">AI</a> landscape by creating a more “equitable” decentralized ecosystem.&nbsp;</p> 
<p>As such, the funding will further their mission to ensure fair compensation for contributors, protect data sovereignty, and promote inclusivity across all stages of AI development.</p> 
<p> You might also like: <a href="https://crypto.news/blockchain-startup-parfin-raises-10m-in-series-a-round/"> Blockchain startup Parfin raises $10m in Series A round </a> </p> 
<h2 class="wp-block-heading" id="sling-money-15-million">Sling Money, $15 million</h2> 
<p>Fintech startup Sling Money collected $15 million in a series A round, per a report from <a href="https://www.axios.com/pro/fintech-deals/2024/08/14/money-transfer-app-sling-money-raises-15-million" target="_blank" rel="">Axios</a>. </p> 
<p>Union Square Ventures, Ribbit Capital, and Slow Ventures led the initiative following a $5-million seed round.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Exciting news! 🚀 We’ve raised a Series A led by <a href="https://twitter.com/usv?ref_src=twsrc%5Etfw" target="_blank" rel="">@usv</a> with <a href="https://twitter.com/RibbitCapital?ref_src=twsrc%5Etfw" target="_blank" rel="">@RibbitCapital</a> and <a href="https://twitter.com/slowventures?ref_src=twsrc%5Etfw" target="_blank" rel="">@SlowVentures</a>. This funding will help our mission of making sending money around the world instant, easy, and low-cost. Read more here &amp; DM us if you’d like to try Sling 🌍<a href="https://t.co/hSKsqFrkKb" target="_blank" rel="">https://t.co/hSKsqFrkKb</a></p>— Sling Money (@SlingMoney) <a href="https://twitter.com/SlingMoney/status/1823737593688940603?ref_src=twsrc%5Etfw" target="_blank" rel="">August 14, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>The Sling Money platform uses stablecoin technology to enable money transfers across more than 50 countries in Europe and Africa.</p> 
<p>Users of the platform can send money instantly, whether to others, between their own accounts, or even to non-Sling users. </p> 
<p>Transfers are conducted using Pax Dollar, a U.S. dollar-backed stablecoin regulated by the New York State Department of Financial Services.</p> 
<h2 class="wp-block-heading" id="essential-11-million">Essential, $11 million</h2> 
<p>Essential, the company behind the first declarative blockchain, also had a share of this week’s VC funding pie.</p> 
<p>The company secured $11 million in a series A round led by Archetype.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">We’re excited to share that Essential has closed an $11M Series A funding round led by <a href="https://twitter.com/archetypevc?ref_src=twsrc%5Etfw" target="_blank" rel="">@archetypevc</a>. 🎉<br><br>This milestone brings us closer to redesigning blockchain interactions for web3's transition to a declarative, intent-based future.<br><br>A big thank you to our investors for… <a href="https://t.co/yMnQe6gVbh" target="_blank" rel="">pic.twitter.com/yMnQe6gVbh</a></p>— Essential (@intentessential) <a href="https://twitter.com/intentessential/status/1823375065607532806?ref_src=twsrc%5Etfw" target="_blank" rel="">August 13, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Other participants in the round included IOSG, Spartan, and Mirana, alongside a host of founders and angel investors from the web3 space.&nbsp;</p> 
<p>According to Essential, the funding will help accelerate the development of its blockchain, which is intended to reframe interactions in terms of outcomes rather than instructions.</p> 
<h2 class="wp-block-heading" id="other-notable-crypto-vc-fundraising">Other notable crypto VC fundraising</h2> 
<p>Coinduit, a B2B cross-border payments platform, clinched $6 million in a seed extension round led by Helios Digital Ventures. </p> 
<p>The capital injection will support the platform’s expansion into Africa, where it aims to help tackle the region’s cross-border payment challenges.</p> 
<p>On its part, Ion Protocol raked in an extra $4.8 million after previously raising $2.2 million in another fundraising round. The fresh capital was provided by Gumi Capital, Cryptos, and more than 90 other investors.&nbsp;</p> 
<p>It now brings the total amount raised by the liquidity protocol, which specializes in staked and restaked assets, to $7 million. </p> 
<p>According to an Aug. 12 <a href="https://x.com/nucleusearn/status/1823000206172143816" target="_blank" rel="">post</a> on X, the company will use the funds to develop Nucleus, a native yield primitive meant to address the monetization challenges faced by Ethereum (<a href="https://crypto.news/price/ethereum/" data-type="link" data-id="https://crypto.news/price/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>) rollups.</p> 
<p> Read more: <a href="https://crypto.news/crypto-payments-flexa-introduces-toolkit-to-simplify-digital-payments/"> Crypto payments: Flexa introduces toolkit to simplify digital payments </a> </p>

Crypto VC funding: Chaos Labs tops our roundup with $55m series A

Table of Contents

crypto.news

Other articles published on Aug 17, 2024

104 Million XRP On the Move

Shiba Inu Shows Signs Of Bottoming, Is It Time To Buy?

Academic Labs and MultichainZ Join Forces to Revolutionize Web3 Education and Lending

159 Nations Eye XRP Integration as BRICS Finalizes New Payment System

STX Targets Breakout Above $2; Investors Throng Towards MoonBag Crypto Presale

Shytoshi Kusama Unveils ShibHub as Shiba Inu’s Key to Global Domination

Join our free newsletter for daily crypto updates!