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Mysten Labs, the company behind the Sui layer1 blockchain has not yet launched but has raised $300 million with the aim of building its core infrastructure and accelerating the adoption of its Sui blockchain ecosystem.
This blockchain company was founded by former executives of social media giant Meta in 2021. The company said in an announcement on September 8 that it has achieved $300 million in a Series B funding round led by cryptocurrency exchange venture arm FTX Ventures.
📢: Today, we're excited to announce our $300M Series B funding round. This milestone signals the technical strength & immense potential of our Sui ecosystem. #Suinami🌊 1/🧵 pic.twitter.com/wQ8WH1egyY
— Sui by Mysten Labs (@Mysten_Labs) September 8, 2022
Other Series B investors include Coinbase Ventures, Jump Crypto, Andreessen Horowitz’s a16z, Circle Ventures, Binance Labs, and O’Leary Ventures, along with other investment funds and partners, with the new capital valued the company at more than $2 billion.
In addition to equity, investors will receive warrants for native tokens traded on the blockchain in the future.
Mysten is the creator of the Sui blockchain, a Layer 1 PoS blockchain that uses a feature called “transaction parallelization” to achieve high throughput, low latency transactions, and low transaction fees, which can be provided to existing blockchains such as Ethereum and Solana.
Mysten’s Founder and CEO Evan Cheng said the new funding will be used to build the company’s technology in an effort to recruit and expand into the Asia-Pacific region.
“This new funding will allow Mysten to continue to scale Sui and we are grateful for the support from blue-chip investors and strategic partners who are partners in our mission.”
Cheng suggests the current Web3 infrastructure:
“It’s slow, expensive, limited in capacity, unsafe and simply difficult to build.”
The latest funding suggests that some venture capitalists remain unaffected by the cryptocurrency bear market. A recent report from Messari revealed that $30.3 billion in funds were invested by VC firms in the first six months of this year, far exceeding all of 2021.
Last December, Mysten Labs raised $36 million in Series A funding, led by a16z.
The company was founded in September 2021 by former crypto program engineers behind Meta Diem’s cryptocurrency payment platform and Novi mobile wallet. Mysten Labs is led by CEO Evan Chang, CTO Sam Blackshear, CPO Adeniyi Abiodun and researcher George Danezis.
