Taiko's Layer-2 Solution Secures $15 Million in Latest Funding Round Led by Lightspeed Faction, Hashed, Generative Ventures, and Token Bay Capital.
In its recent Series A funding round, Taiko successfully raised an additional $15 million.
Here is A Tweet From Taiko ✅
We're excited to announce that Taiko Labs, the core development team behind the Taiko protocol, has raised $37M in total capital across three rounds!
The deal was led by Lightspeed Faction, Hashed, Generative Ventures, and Token Bay Capital. Additionally, Wintermute Ventures, Presto Labs, Flow Traders, Amber Group, OKX Ventures, GSR, and WW Ventures also participated in the funding round.
In total, Taiko has raised $37 million across three funding rounds since its inception. However, it’s currently unclear when Taiko initiated fundraising for the Series A round, and project co-founder Terence Lam declined to comment on the company’s structure and valuation.
How Taiko Plans to Utilize and Their Investment and Future Plans
The new investment will be used by the company to develop its product and expand its team in the future. Furthermore, Taiko has disclosed plans to establish an ecosystem development fund. Last December, Taiko announced its intention to allocate approximately $30 million for its second funding round.
Taiko is a zkEVM solution for Ethereum, serving as a layer-2 data transaction verification utilizing zero-knowledge proof technology while also being inherently compatible with the Ethereum Virtual Machine (EVM).
Positioning itself as a “Type 1” zkEVM, as defined by Vitalik Buterin, means it’s the most compatible solution with the EVM, facilitating easier scalability for the Ethereum layer-1. Unlike other layer-2 solutions that typically have their own sequencer network for rollup, Taiko directly relies on Ethereum’s verification infrastructure to organize transactions and blocks, inheriting absolute security and censorship resistance.