Spire Labs, a Web3 startup focused on Ethereum scaling solutions, has successfully raised $7 million in a seed round co-led by Maven 11 Capital and Anagram. Other notable participants include Digital Currency Group, Bankless Ventures, Volt Capital, Finality Capital, and A16z Crypto Startup Accelerator. Angel investors such as Nick White, Jacob Arluck, and Amrit Kumar also joined the round.

The funds will be used to accelerate the development of Based Stack, a rollup framework designed to help developers deploy app-specific chains on Ethereum. According to co-founder Kaito Yanai, Based Stack differentiates itself by utilizing "based sequencing," which leverages Ethereum Layer-1 as the sequencing layer, providing benefits such as L1 composability, credible neutrality, liveness, censorship resistance, and decentralization.

Based Stack is expected to launch its testnet later this year, with a mainnet launch planned for the first quarter of 2025.