Web3 Company Led by Former Meta Execs Raises $300 Million in Series B Funding

     
    The company will use the funds to continue building its core infrastructure.


A Web 3 infrastructure startup called Mysten Labs has announced the initial close of its $300 million (approximately Rs. 2,400 crore) Series B funding round. Mysten Labs is also the creator of the yet-to-launch Sui Layer 1 blockchain. A16z Crypto, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures, Lightspeed Venture Partners, Sino Global, Dentsu Ventures, Greenoaks Capital, and O'Leary Ventures, among other investment funds and strategic partners, participated in the Series B round, which was led by FTX Ventures. The company is worth over $2 billion thanks to the new cash (roughly Rs. 15,900 crore).


The company will use the money to keep developing its core infrastructure in order to scale the Sui ecosystem and power Web 3 apps. Additionally, it will be growing its international staff, with a key focus on the Asia-Pacific area. Former Meta workers Evan Cheng, Sam Blackshear, Adeniyi Abiodun, and George Danezis all founded their own companies. They all contributed to Novi, the company's bitcoin wallet. Despite the fact that Novi and Diem were never launched, the engineers who worked on the project are believed by the industry to have had nothing to do with its failure.



Chief Technology Officer Sam Blackshear is responsible with developing Move, the coding language used by both Sui and Meta's doomed blockchain Diem. He was a Principal Engineer at Novi (formerly known as Libra). Adeniyi Abiodun, a former Novi Product Lead, is now Mysten's Chief Product Officer. Kostas Kryptos, a former Meta Chief Cryptographer, and George Danezis, a former Mysten Chief Scientist, have also worked on Novi and Diem. Not just Mysten Labs, but also other former Novi team members, are working to create the next big thing in blockchain technology. Avery Ching and Mo Shaik, former coworkers at Novi, later founded Aptos Labs.


Aptos did research earlier this year and discovered similarly kind investments. The business raised $200 million (approximately Rs. 1,500 crore) in March from a16z, Katie Haun, and FTX Ventures in an investment round.



It added to the piggy bank in July by raising an additional $150 million, or about Rs. 1,196 crore. The company has raised $350 million, or around Rs. 2,790 crore, according to Crunchbase, placing its working capital in the same range as Mysten Labs.


Sui and Aptos are both driven by Move, an open-source programming language created by Meta that was originally created to support the abandoned stablecoin project Diem, further emphasising the similarities between the two projects.

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