Taiko Labs raises $22m to build a Type 1 zkEVM

The Ethereum scaling-focused startup Taiko Labs closed two funding rounds totaling $22 million.

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We are thrilled to announce that we have raised $22 million across two funding rounds in our mission to build a decentralized and Ethereum-equivalent (Type 1) ZK-EVM.https://t.co/MTEXkqHv84 pic.twitter.com/gfIQkpzHV6

— Taiko ? (@taikoxyz) June 8, 2023

The first $10 million funding round in Q3 2022 was led by Sequoia China, and the recent Series A of $12 million was led by Generative Ventures.

Other investors included OSG Ventures, GSR, and GGV Capital, as well as angels Patricio Worthalter, Tim Beiko of the Ethereum Foundation, and Anthony Sassano.

Taiko is developing a scaling solution for Ethereum that is “as close as possible to the design and ethos” of the network. The company described the development as an Ethereum Virtual Machine with zero-knowledge disclosure of the first type (zkEVM Type 1).

“Our design decisions are to adhere as closely as possible to the specification of the EVM and Ethereum itself. First, because we love blockchain and want to expand it, and also because it has the best properties,” said Taiko Labs co-founder Matthew Finestone.

In March, Polygon developers launched the beta version of the zkEVM mainnet to scale Ethereum.

In the same month, the ConsenSys team opened access to the zkEVM testnet. The protocol was named Linea.