Former UW Professor's Crypto Startup EigenLayer Scores $100M in Fresh Funding
EigenLayer, a Seattle-based Web3 infrastructure startup founded by former University of Washington professor Sreeram Kannan, has raised $100 million in a new funding round led by storied VC firm Andreessen Horowitz’s crypto fund.
The blockchain startup is developing “restaking” technology for Ethereum and promises to help developers build faster, more secure and scalable decentralized apps and services on top of the world's second-largest blockchain network.
Though details remain sparse, EigenLayer claims its tech will “supercharge the entire crypto ecosystem” by enabling a greater variety of crypto use cases while supporting decentralization principles.
“We’re thrilled to back Sreeram and the talented EigenLayer team as they drive the next wave of open innovation on Ethereum,” said Ali Yahya, a general partner at a16z's crypto fund, in a statement.
The Series B funding values EigenLayer at $750 million, according to Pitchbook data. The round comes less than a year after the startup raised $50 million in seed funding led by Blockchain Capital.
The vote of confidence from a16z suggests investor sentiment may be turning positive again after a brutal “crypto winter” that saw funding to Web3 startups dry up over the past year.
With Bitcoin bouncing back above $25,000 in recent weeks and Ethereum successfully transitioning to a more sustainable proof-of-stake model, there are renewed hopes that the tide may be shifting for crypto founders with solid tech and teams.
