Sovereign Labs Nets $7.4M in Seed Funding Round
Blockchain-based scaling firm Sovereign Labs closed its seed funding round that yielded $7.4 million. The round, steered by Haun Ventures, attracted Robot Ventures, 1KX, Plaintext Capital and Maven 11.
The fundraising spiked the blockchain scaling firm’s valuation within the eight-figure range. Nonetheless, Sovereign Labs declined disclosure of the approximate valuation.
Design Prioritizing Scalability and Interoperability
The firm’s spokesperson confirmed that Sovereign Labs had advanced in delivering its software development kit (SDK). The kit would facilitate developers in creating interoperable zero-knowledge rollups. The firm’s chief executive Cen Ozer identified the rollup as a special blockchain type that leverages other blockchains to facilitate scalability without compromising security.
Ozer indicated that the Sovereign SDK design prioritizes scalability and interoperability without compromising the deployment capability onto the layer 1 blockchain. The chief executive announced plans for agnostic changes on the blockchain utilized by the firm’s rollup. He observed the rollups created using the Sovereign rollup would accommodate compatibility with the layer 1 blockchain.
Sovereign rollups rely upon the zero-knowledge power and proofs based upon cryptography that validates statements on their underlying information. Ozer acknowledged the recent devotion of the buzzy sector to attract venture funding. He recognized the sector’s refocus to becoming a critical component powering the existing crypto projects, including Zcash, Mina, Starknet and zkSync.
Leveraging Zero Knowledge in Cryptography
Sovereign Labs chief technology executive Preston Evans admitted that building projects from zero knowledge are often the privilege of a few developers in cryptography. The firm’s co-founder demonstrated that Sovereign Labs erected tools to facilitate its access to normal developers.
Evans echoed Ozer’s pronouncement that Sovereign Labs would not launch tokens. Instead, the firm would devote itself to creating the SDK framework. He assured effective utilization of the funds in delivering a compatible framework would avert the collapse characterizing subnets and bridges.
Ozer regretted that the expanding scope to launch tokens left the majority of subnets compromising on the core feature of blockchains being end-user verification. The occurrence of such losses would defeat the purpose of why Sovereign Labs were not built upon Amazon Web Services.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
