According to Cointelegraph: Web3 platform Analog has raised $16 million in funding to further develop cross-chain communication tools targeted at developers. The successful funding round brings the startup's total valuation to approximately $120 million on a fully diluted basis. Several crypto projects and venture capital firms, including Near, Wintermute, Orange DAO, Quantstamp, Tribe Capital, and NGC Ventures, were part of the financing. Notable individual participants also include former Coinbase executive Balaji Srinivasan and Mike Novogratz’s family office, Samara Asset Group.
Analog, founded in 2021 by Victor Young and Sanchal Ranjan, is designed to provide solutions for cross-chain data triggers for smart contract execution. The startup's team, which has prior experience with projects such as Moonbeam and Enjin from the Polkadot ecosystem, is now focused on creating a tool that aids developers in querying data from different blockchain networks.
The company is also launching a software development kit for cross-chain communication, seamlessly enabling interoperability across blockchain networks for protocols like asset transfers, decentralized exchanges, automated market makers, and nonfungible tokens.
The focus on cross-chain development positions Analog amidst thoughtful competition, as the demand for multichained Web3 solutions grows. Other projects working on cross-chain technology include LayerZero and Axelar, all looking to facilitate seamless communication between disparate networks. Victory Young emphasizes Analog's intent to stand alone by integrating its cross-chain features all within a single toolkit.