Venture capital funding for blockchain-based startups dropped to $2.4 billion in Q3 2024, reflecting a 20% decrease from the previous quarter, according to Galaxy Research. Despite the slowdown, the industry remains on track to match or slightly surpass 2023 funding levels, with $8 billion invested so far this year.
Key Trends and Funding Insights:
- Early-Stage Dominance: A significant 85% of the total funding went to early-stage startups. The median pre-money valuation of deals was $23 million, and the average deal size stood at $3.5 million.
- AI + Blockchain Surge: Startups combining artificial intelligence (AI) and blockchain saw a fivefold increase in funding, with companies like Sentient, CeTi, and Sahara AI raising $188 million.
- Sector Breakdown: Layer-1 blockchain projects attracted $341 million, while trading platforms, exchanges, and infrastructure firms secured substantial rounds. In contrast, Web3 and gaming sectors saw a 39% decline in investment—the steepest drop.
Notable Startup Funding:
1. Eidon AI raised $3.5 million in seed funding led by Framework Ventures for its decentralized AI platform.
2. Brevis secured $7.5 million to improve blockchain scalability using zero-knowledge (ZK) proofs for offchain computations.
3. Multiledgers raised $1M for its blockchain platform focused on ESG-linked assets, helping companies track carbon credits and renewable energy bonds.
4. Alluvial closed a $4.3 million funding round, bringing its total to $22.5 million, to expand its staking solutions for institutional clients.
Looking Ahead:
The blockchain industry is poised for continued investment, with early-stage companies, particularly those integrating AI and blockchain, leading the charge. Investors are keeping a close watch on emerging technologies that promise to drive future growth.
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