Polymer Labs Secures $23 Million in Series A Funding

Polymer Labs, a startup focused on interoperability and Layer 2 solutions, has raised $23 million in a Series A funding round led by Blockchain Capital, Maven 11, and Distributed Global.

Today we’re incredibly excited to announce Polymer Labs’ $23 million Series A!

This funding empowers our commitment to ensuring the interoperability layer connecting all blockchains is neutral, open, modular, and permissionless across ecosystems. pic.twitter.com/zZzwgoIlu9

— Polymer Labs (@Polymer_Labs) January 23, 2024

Other investors include Coinbase Ventures, Placeholder, Digital Currency Group, North Island Ventures, and Figment Capital. The project’s valuation has not been disclosed.

In March 2022, Polymer Labs raised $3.6 million in seed funding.

The project aims to create an “interoperability hub,” connecting the Ethereum network and its rollups with other blockchains to build the “next-generation Internet.”

The platform’s infrastructure is still under development, with a testnet launch planned for March.

According to the developers, existing L2 networks and cross-chain bridges are widely used but vulnerable to hacks. The startup’s solutions will enable various protocols to “interact without introducing new trust assumptions, expanding the functionality of a wide range of blockchains.”

Polymer Labs employs Inter-Blockchain Communication technology from Cosmos and the OP Stack architecture from Optimism. Project representatives emphasized that any Web3 developer, regardless of the network used, will be able to utilize the interoperability tools they are creating.

The funds raised will be used to expand the team. The launch of the platform’s mainnet is also planned for this year.

In August, the interoperability-focused blockchain platform ZetaChain raised $27 million in investments.