TLDR
Ava Protocol, a Web3 automation platform, has raised $10 million in Seed+ funding.
The funding round included an initial $5.5 million round followed by an additional $4.5 million in Seed+ funding.
Notable investors in the Seed+ round include Electric Capital, Taisu Ventures, Bloccelerate VC, BingX Exchange, and Shima Capital.
The funds will be used to develop Ava Protocol’s intent-centric, event-driven Eigenlayer AVS for private autonomous transactions on Ethereum and other blockchains.
Ava Protocol’s testnet already supports over 10,000 unique wallets and sees more than 1,000 automated transactions daily.
Ava Protocol, a Web3 automation platform previously known as OAK Network, has successfully raised $10 million in Seed+ funding to fuel the development of its innovative technology.
The funding round consisted of an initial $5.5 million round followed by an additional $4.5 million in Seed+ funding, highlighting the growing interest in Ava Protocol’s mission to revolutionize private autonomous transactions in the Web3 space.
The Seed+ round attracted investments from prominent players in the blockchain industry, including Electric Capital, Taisu Ventures, Bloccelerate VC, BingX Exchange, and Shima Capital.
These investors join an already impressive list of earlier backers, such as Polygon co-founder Sandeep Nailwal, Greylock, Foundation Capital, and GSR, who have shown their support for Ava Protocol’s vision.
Chris Li, the founder of Ava Protocol, expressed gratitude towards the investors, stating,
“We’re grateful to our seed and seed+ investors for believing in our vision of bringing composable autonomous transactions to Web3 and for accompanying us on this journey. We’re confident that their faith will be rewarded as we move towards our mainnet and onboard more ecosystem partners who will provide real-world proof of the efficiency that Ava Protocol’s super-transactions introduce for payment and smart contract data.”
The newly acquired funds will be directed towards the development of Ava Protocol’s intent-centric, event-driven Eigenlayer AVS, which aims to facilitate private autonomous transactions on Ethereum and other platforms.
This innovative technology enables cross-chain smart contract automation, allowing contracts to be triggered based on predefined conditions such as time, price, or computation.
The potential applications of this functionality are vast, ranging from executing limit orders on decentralized exchanges to rebasing elastic supply tokens.
Sam Shev, Head of Marketing at Ava Protocol, emphasized the importance of the seed investment, stating,
“With the support of our seed investors, everything is in place to onboard additional partners who will be the first to leverage Ava Protocol’s Eigenlayer AVS. We’re looking forward to discovering the many ways in which builders harness this technology to unlock new use cases spanning DeFi, gaming, insurance, automated trading, and much more.”
Ava Protocol’s testnet has already demonstrated significant traction, with over 10,000 unique wallets and more than 1,000 automated transactions being conducted daily.
This robust activity indicates strong interest and engagement from the Web3 community.
Ava Protocol’s technology supports recurring and automated “super-transactions” for Ethereum without the need for custom code, significantly reducing the time to market for Web3 applications and delivering private automation for any transaction or smart contract function.
The protocol has garnered commitments from more than 30 ecosystem partners who are developing dApps utilizing Ava Protocol’s private payment technology.
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