Polygon Spinoff Avail Raises $43M in Series A Funding
Blockchain project Avail has raised $43 million in a Series A funding round led by Founders Fund, Dragonfly, and Cyber Fund. This follows a $27 million seed funding round three months prior. Avail, which was spun out of Polygon in March 2023, operates a data availability network that aids blockchains in storing information cost-effectively and conveniently. The technology is beneficial for blockchain scaling and helps layer-2 "rollup" networks manage transaction data without relying on the main blockchain layer. The new funding will be used to develop Avail’s Unification Layer and Fusion Security layer. The Unification Layer is a technology stack that combines data availability, aggregation, and shared security to enable blockchains to scale and interoperate securely. The Fusion Security layer will use cryptocurrencies like ether and bitcoin to enhance the security of the Avail ecosystem and is expected to go live in early 2025.
