Quick take:
Nirvana Labs provides cloud infrastructure services to Web3 companies.
The seed round brings the total raised over the past six months to $5.7 million, The Block reported.
The company plans to use the funds to enhance its “specialized cloud services, providing a web3-specific alternative to conventional cloud providers.”
Nirvana Labs has announced a $4 million funding round led by Castle Island Ventures and RW3 Ventures. The seed round also attracted participation from BitGo Ecosystem Fund, Hash3, Third Earth and Play Ventures.
This fundraising brings the total raised over the past six months to $5.7 million, The Block reported. Nirvana Labs will use the fresh capital to revamp its “specialized cloud services” offerings, which include providing “a web3-specific alternative to conventional cloud providers.”
“Nirvana Cloud is purpose-built to tackle the distinct workload characteristics of blockchains, emphasizing low latency, high throughput, high availability, and customization capabilities, which are starkly different from conventional web2 general-purpose tasks,” a statement on the Nirvana website reads.
The product has already onboarded the likes of Chainlink, BitGo, Goldsky, DeltaPrime, Thirdweb, Airchains and Pairpoint, among others. Nirvana claims its service can help companies both big and small cut cloud-related costs by about 42%.
Commenting on the announcement, Nirvana Labs founder Devin Bandara in a statement: “At Nirvana Labs, we understand the unique challenges faced by companies building on-chain applications within the limitations of general purpose cloud.”
“Our goal is to deliver unparalleled cloud performance and cost savings for our customers, as the new generation of alternative clouds emerge for the web3 space,” Bandara added.
According to its website, Nirvana’s blockchain cloud service supports multiple blockchains and networks including Polygon, Ethereum, Polkadot, Base, Optimism, Neo, BNB Chain, Avalanche and Arbitrum, among others.
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The post Nirvana Labs Raises $4M in a Seed Round Led by Castle Island Ventures and RW3 Ventures appeared first on NFTgators .