Initia announced the completion of a $14 million Series A financing, led by Theory Ventures, with participation from Delphi Ventures, Hack VC, and angel investors including Bryan Pellegrino, NoSleepJon, Jordi Alexander, Zaki Manion, Keone Hon, 0xCygaar, Guy Young, Icebergy, Chainyoda, and Michael Egorov. After completing this round of financing, Initia's total financing amount reached $22.5 million, including seed round investments from Delphi Ventures and HackVC and pre-seed round investments from Binance Labs.

Upcoming roadmap and teams building on the Interweave stack

Initia plans to launch the mainnet and conduct TGE in the next two months. More than 6 Layer2s will be launched on the first day, and more L2s will be launched in the future.

Initia's public testnet ended last month and lasted for a total of 12 weeks. During this stage, users were able to experience all the content launched by Initia in the past two years, including Initia L1; 8 Interwoven Rollups built by external teams; comprehensive updates to Initia applications, wallets, browsers, components and other product tools, as well as the Initia VIP economic framework. Initia hopes to achieve multi-chain alignment and attract more users to application chains built on Interwoven Rollups.

Initia's launch phase saw more than 125 million transactions and nearly 3 million unique wallets. During the testing period, users were able to mint pets on the chain and gradually evolve them through interaction with the Initia app:

Currently, 11 teams have built application chains on Interwoven Stack, raising more than 13 million US dollars in funding. They include:

  • Blackwing ($4.5 million raised, invested by Hashed and Gumi Cryptos Capital (gCC))

  • MilkyWay ($5 million raised, invested by Binance Labs, Polychain, and Hack VC)

  • Contro: GLOB Chain

  • Civitia: Full-chain gaming

  • Inertia: The first LRT with modular lending

  • Chai Markets: Income Agreement

  • Zaar: A mobile-friendly NFT marketplace

  • Minity: Native Portfolio Tracker

  • Tucana: Full-chain liquidity center and derivatives platform

  • Lunch: A one-stop Web3 consumption mobile app

  • Infinity Ground: AI Entertainment Platform

Recently, Initia acquired Celatone and the team behind it, Alles Labs. Celatone is a blockchain browser company that provides browser services for Sei, Osmosis, Neutron, Initia and L2 of all Interwoven Rollups.

Initia Analysis

Initia is an Interwoven Rollup network that plans to build a multi-chain system based on Initia L1 and various Interwoven L2s, covering multiple aspects such as architecture, products and economy.

Initia leverages the experience of existing multi-chain systems such as Cosmos and Ethereum to simultaneously build L1 and interconnected L2 to create a Rollup-centric system.

Rollup using Initia Interwoven is a complete and mature CosmosSDK chain, running through Optimistic Rollup, supporting EVM, MoveVM or WasmVM. The team can change all the contents of Rollup according to their needs and choose the preferred virtual machine. The remaining functions required by the application chain are provided by L1, including native USDC, oracle data, wallet, LayerZero, IBC, block browser, etc.

Initia's system architecture is clear, ensuring that application chain builders do not need to choose between DA, interoperability, or other infrastructure solutions. Initia integrates the best systems in these module components, eliminating fragmentation issues that affect users and simplifying the development process for development teams.

Finally, Initia has built a new multi-chain economic framework, Initia VIP, which helps L2 attract and retain users while creating new use cases for tokens, thereby driving the value growth of INIT and L1.

About Theory Ventures

Theory Ventures is a $230 million fund founded by Tomasz Tunguz in 2023. This investment in Initia is Theory's first token and equity investment in the Web3 space. Theory Ventures plans to invest $230 million in no more than 15 companies.

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