Multicoin Capital has led a $10 million Series A in Permissionless Labs, which is a primary contributor to Pipe Network, a permissionless content delivery network (CDN) on Solana.
Robot Ventures, Solana Ventures and Solana co-founder Anatoly Yakovenko also participated in the round.
"The new funds will be used to recruit marketing and engineering roles, scale the networkâs points of presence (POPs), and launch a private beta and testnet at Breakpoint, Solanaâs annual developer conference," according to a statement. The project is currently in a private devnet, the statement said.
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Permissionless Labs, which creates solutions for streaming media applications, aims to create a decentralized digital content distribution system that rivals existing centralized models.
"Pipe Network is architecturally designed to handle traffic for large enterprises the size of Netflix," Permissionless Labs founder and CEO David Rhodus said in a statement. "The CDN industry is ripe for innovation especially with edge-video advertising insertion technology."
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