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Ava Protocol raises $10 million in Seed+ funding

Ava Protocol raises $10 million in Seed+ funding

Ava Protocol, a pioneering Web3 automation platform, has successfully raised $10 million in Seed+ funding, according to the latest information shared with Finbold on June 11. 

With an initial $5.5 million round followed by an additional $4.5 million in Seed+ funding, the capital infusion will fuel the development of Ava Protocol’s intent-centric, event-driven Eigenlayer AVS set to revolutionize private autonomous transactions for Ethereum (ETH) and other blockchains.

The growing number of Ava Protocol investors

The recent Seed+ round saw notable contributions from leading investors such as Electric Capital, Taisu Ventures, Bloccelerate VC, BingX Exchange, and Shima Capital, who joined the ranks of earlier backers, including Polygon co-founder Sandeep Nailwal, Greylock, Foundation Capital, and GSR.

Chris Li, Founder of Ava Protocol, expressed the team’s gratitude for the recent funding round, stating

“We’re grateful to our seed and seed+ investors for believing in our vision of bringing composable autonomous transactions to Web3 and for accompanying us on this journey. We’re confident that their faith will be rewarded as we move towards our mainnet and onboard more ecosystem partners who will provide real-world proof of the efficiency that Ava Protocol’s super-transactions introduce for payment and smart contract data.”

Sam Shev, Head of Marketing at Ava Protocol, emphasized the importance of investor support, while Jerry Chen of Greylock, one of the early investors, praised Ava Protocol’s transformative potential: 

“We were impressed with Ava Protocol’s solution for elevating blockchain payments from simple one-time events to sophisticated streams that can accommodate a wide range of use cases while eliminating complexity from the perspective of dapp developers. There’s a myriad of practical applications for Ava Protocol’s payment technology and we look forward to seeing it transform sectors such as DeFi, NFTs, and RWAs.”

Web3 for private autonomous transactions

The newly secured funding will advance Ava Protocol’s mission to create core Web3 infrastructure for intent-based private autonomous transactions. 

This will enable cross-chain smart contract automation, where contracts execute based on conditions like time, price, or computation.

Ava Protocol’s development is progressing at an unprecedented rate, with the testnet already supporting over 10,000 unique wallets and seeing over 1,000 automated transactions each day. 

The protocol also promises to facilitate recurring and automated “Super-Transactions” for Ethereum without requiring custom code, providing private automation for any transaction or smart contract execution.

With over 30 ecosystem partners committed to developing dapps using Ava Protocol’s technology, and strategic product partnerships with Polkadot (DOT), Moonbeam, and Astar, the stage is set for widespread adoption of autonomous transactions.

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