The cross-chain infrastructure project Analog has raised $16 million in seed funding, reports The Block.
The round was led by Tribe Capital. Other investors include NGC Ventures, Wintermute, GSR, NEAR, Orange DAO, Samara Asset Group, and former Coinbase CTO Balaji Srinivasan.
The funding utilized Simple Agreements for Future Tokens (SAFT). As a result of the round, the project’s valuation reached $120 million.
Analog was founded in 2021 by investor and blockchain developer Victor Young and entrepreneur Sanchal Ranjan. The startup’s core team is based in Bangkok and Zurich.
The project’s main developments include:
- a Rust-based blockchain called Timechain;
- a general data transfer protocol;
- a developer-focused product, Analog Watch;
- SDK and API Timegraph, enabling the integration of applications across multiple networks.
According to Young, Analog is similar to solutions from Axelar and LayerZero but is “more developer-focused.”
“We are creating all the necessary functionality for cross-chain development as a single toolkit, rather than relying on third-party services like oracles to achieve our goals,” the investor noted.
Analog is based on the Substrate framework, created by Parity Technologies. Young expressed confidence that upgrading the platform will be easier than for competitors.
The testnet launch is expected at the end of the first or the beginning of the second quarter. The mainnet deployment is planned shortly thereafter.
In November, the cross-chain protocol Wormhole raised $225 million at a $2.5 billion valuation.