Analog Raises $16M in Funding for Cross-Chain Project, Reaching $120M Valuation
Analog has raised $16 million in the latest funding round to develop its cross-chain communication tools at a valuation of $120 million.
According to a recent social media post by Analog, the funding round led by Tribe Capital has funneled $16 million to Analog. The company plans to utilize the fund for blockchain interoperability.
“We’re excited to continue building the next generation of cross-chain communication tools with such incredible support from our partners,” the post read.
📣 We are thrilled to announce that we’ve successfully closed a $16M funding round led by @TribeCap with support from @NGC_Ventures, @Wintermute_t,@GSR_io, @NEARProtocol, @OrangeDAOxyz, @Novogratz’s @Samara_AG_, @Balajis, and more!! 🥳
We’re excited to continue building the next… pic.twitter.com/ebhI0aGrOK
— Analog (@OneAnalog) February 12, 2024
Funding Boost for Cross-Chain Communication Tools
The other leading contributors to the funding round included NGC Ventures, Wintermute, GSR, NEAR Foundation, Orange DAO, Samara Asset Group, and more.
“Coupled with the increasing awareness of a need for cross-chain interoperability across the board, the idea of Analog was born,” said Analog founder Victor Young.
“This marks a significant step forward in our journey to pioneer cross-chain communication in the blockchain space,” said Young in a LinkedIn post. “Our vision at Analog is to create a seamless, interoperable blockchain ecosystem, and this funding will propel us toward realizing that vision.”
With the company’s projects like Timechain, Analog Watch, General Message Passing (GMP) and Timegraph SDK, Analog is set to build the infrastructure that allows blockchain developers to innovate without barriers.
“We are building all the necessary features for cross-chain development as a single toolkit as opposed to relying on third parties such as oracles to achieve the desired functionality,” said Young.
Analog Testnet Launches with Novel Features
The company launched their Testnet in December 2023 and opened the registration for users. The Testnet would enable users to try out experimental features and to allow the developers to receive feedback from the community about the products.
The Testnet included access to Analog Watch and the Watch SDK, as well as an early version of General Message Passing on the Timechain.