Algorand

Read

<p class="is-style-lead">Several startups secured significant funds last week, including Andrena, Vessel, Cartridge and Pentagon Games.&nbsp;</p> 
<h2 class="wp-block-heading" id="andrena-18-million">Andrena, $18 million</h2> 
<p>In the biggest funding round last week, U.S. internet service provider Andrena raised $18 million through a series A funding led by Dragonfly Capital. </p> 
<p>Notable venture firms that participated in the round include Castle Island Ventures, ParaFi, Wintermute Ventures, CMT Digital, and 6th Man Ventures.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">We’re thrilled to announce our $18M raise led by <a href="https://twitter.com/dragonfly_xyz?ref_src=twsrc%5Etfw" target="_blank" rel="">@dragonfly_xyz</a>!<br><br>Thank you to our investors <a href="https://twitter.com/6thManVentures?ref_src=twsrc%5Etfw" target="_blank" rel="">@6thManVentures</a>, <a href="https://twitter.com/wintermute_t?ref_src=twsrc%5Etfw" target="_blank" rel="">@wintermute_t</a> <a href="https://twitter.com/paraficapital?ref_src=twsrc%5Etfw" target="_blank" rel="">@paraficapital</a> <a href="https://twitter.com/robotventures?ref_src=twsrc%5Etfw" target="_blank" rel="">@robotventures</a> <a href="https://twitter.com/EV3ventures?ref_src=twsrc%5Etfw" target="_blank" rel="">@EV3ventures</a> among others.&nbsp;(🧵) <a href="https://t.co/nosPgLtPgx" target="_blank" rel="">pic.twitter.com/nosPgLtPgx</a></p>— DAWN (@dawninternet) <a href="https://twitter.com/dawninternet/status/1821155421006307342?ref_src=twsrc%5Etfw" target="_blank" rel="">August 7, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Andrena has raised about $33 million in investments, with $15 million coming from a previous investment round, also led by DragonFly Capital.&nbsp;</p> 
<p>The company is developing a decentralized autonomous network protocol named DAWN, which aims to help users sell their excess internet bandwidth to a network of providers.&nbsp;</p> 
<p>Built on the <a href="https://crypto.news/unlocking-the-power-of-community-depins-are-shaping-a-new-economy-opinion/">conc</a><a href="https://crypto.news/unlocking-the-power-of-community-depins-are-shaping-a-new-economy-opinion/" target="_blank" rel="noreferrer noopener">ept</a> of decentralized physical infrastructure networking, DAWN will leverage a network of wireless base stations mounted on rooftops to deliver mesh internet access without relying on a centralized provider.</p> 
<p>Andrena has not provided a specific launch date for DAWN.</p> 
<h2 class="wp-block-heading" id="vessel-10-million">Vessel, $10 million</h2> 
<p>In a seed funding round on Aug. 8, Zero Knowledge-based decentralized exchange Vessel successfully secured $10 million.</p> 
<p>Sequoia Capital led the effort. Scroll co-founders Sandy Peng and Ye Zhang, the Avalanche Foundation, Algorand Foundation, IMO Ventures, Folius Ventures, Incuba Alpha, and several angel investors also supported the funding.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">⚓️We are excited to announce that Vessel has successfully secured $10M in seed round. These funds will be strategically utilized in:<br><br>– Integrating CEX efficiency with DEX transparency<br>– Enhancing liquidity efficiency<br>– Developing advanced ZKP solutions for DeFi<br><br>Our challenges… <a href="https://t.co/tzRkMZlnCp" target="_blank" rel="">pic.twitter.com/tzRkMZlnCp</a></p>— Vessel (@VesselFinance) <a href="https://twitter.com/VesselFinance/status/1821471653936898165?ref_src=twsrc%5Etfw" target="_blank" rel="">August 8, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>The capital raised will be used to merge the efficiency of centralized exchanges with the transparency of decentralized exchanges, enhance liquidity efficiency, and advance zero-knowledge-proof technologies for <a href="https://crypto.news/tag/defi/" data-type="link" data-id="https://crypto.news/tag/defi/" target="_blank" rel="noreferrer noopener">DeFi</a>.</p> 
<p>Vessel Finance describes itself as an emerging decentralized exchange powered by ZK technology that is evolving into a full-fledged layer-3 network for decentralized finance.&nbsp;</p> 
<p>It aims to blend the efficiency and user-friendliness of CEXes with the transparency and security of decentralized platforms.</p> 
<p> You might also like: <a href="https://crypto.news/telegram-messaging-app-transforms-blockchain-innovator/"> Telegram transforms: From messaging app to blockchain powerhouse </a> </p> 
<h2 class="wp-block-heading" id="cartridge-7-5-million">Cartridge, $7.5 million</h2> 
<p>Cartridge, an infrastructure provider specializing in on-chain games and autonomous worlds, announced the completion of a $7.5 million series A funding round on Aug. 5. </p> 
<p>Bitkraft Ventures led the round, which included contributions from Fabric, Dune, StarkWare, Primitive, and Ergodic.&nbsp;</p> 
<p>The company also unveiled Dojo 1.0, an open-source developer toolset designed for creating provable games. In conjunction with the funding announcement, Cartridge is backing several on-chain games set for release this summer, including Loot Survivor, Paved, and Dope Wars.</p> 
<p>In an <a href="https://venturebeat.com/games/cartridge-raises-7-5m-in-funding-for-onchain-game-development/" target="_blank" rel="">interview</a> with GamesBeat, Cartridge CEO Tarrence V. said the new capital will expand the team and enhance the ecosystem. He noted that Dojo will provide the framework for developing fully on-chain games and is planning to build the games fully on the blockchain.&nbsp;</p> 
<p>Two additional products are also in development: the Cartridge Controller, which manages player identity and reputation, and the Slot, an execution layer.</p> 
<h2 class="wp-block-heading" id="pentagon-games-6-million">Pentagon Games, $6 million</h2> 
<p>Animoca Brands-backed web3 game developers Pentagon Games raised $6 million in a funding round, with support from Binance Labs, Polygon, Symbolic Capital (formerly Hyperedge Capital), NFX, Republic, The Spartan Group, and Yield Guild Games.</p> 
<p>Led by co-founders Emma Liu and Idon Liu, Pentagon Games has a team with extensive expertise in the <a href="https://crypto.news/tag/web3/" target="_blank" data-type="link" data-id="https://crypto.news/tag/web3/" rel="noreferrer noopener">web3</a> sector. The Liu duo has a proven track record managing communities and projects with up to 1.2 million players, running blockchain operations, validating Polygon nodes, and developing some of the earliest web3 games. They are joined by Hugh Behroozy, the chief publishing officer, who brings over 15 years of experience in film, games, and visual effects.&nbsp;</p> 
<p>CEO Emma Liu recently <a href="https://www.accesswire.com/898471/pentagon-games-secures-6m-in-seed-funding-to-redefine-gaming-with-web3-ar-vr-and-ai-technologies" target="_blank" rel="">spoke</a> about the company’s vision, saying they are excited to “lead the next generation of gaming.” The company is focused on developing a platform where gamers can engage with content in novel ways and receive rewards for their participation.&nbsp;</p> 
<p>Emma noted that as the demand for unique virtual experiences and digital entities increases, gamers will increasingly seek out platforms offering these advanced features.</p> 
<h2 class="wp-block-heading" id="deagentai-6-million">DeAgentAI, $6 million</h2> 
<p>Web3 AI network DeAgentAI secured $6 million in a seed funding round led by Web3.com Ventures and Vertex Capital. Other startups that supported the investment round include Higgs Capital, Kernel Labs, Waterdrip Capital, Tido Capital, PANONY, CatcherVC, Goplus, and UXLINK.</p> 
<p>DeAgentAI utilizes advanced artificial intelligence to deliver specialized services across multiple industries. Operating on decentralized platforms like Solana (<a href="https://crypto.news/price/solana/" target="_blank" data-type="link" data-id="https://crypto.news/price/solana/" rel="noreferrer noopener">SOL</a>) and Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" data-type="link" data-id="https://crypto.news/price/ethereum/" rel="noreferrer noopener">ETH</a>), it has developed an AI-worker layer that integrates AI technology with specialized skills to provide innovative solutions, including financial forecasting and creative writing.&nbsp;</p> 
<p>With the support of investors Vertex Capital, the platform has <a href="https://x.com/DeAgentAI/status/1821154528651038761" target="_blank" rel="">promised</a> its community that it will continue launching new products in the coming months.</p> 
<p> Read more: <a href="https://crypto.news/the-ownership-of-everything-%d1%81entralization-vs-decentralization-opinion/"> The ownership of everything: Сentralization vs. decentralization | Opinion </a> </p>

Crypto VC roundup: Andrena raises $18m, Vessel secures $10m in seed round funding

Table of Contents

crypto.news

Other articles published on Aug 11, 2024

BitGo MPI License: BitGo Gains Full Regulatory Approval with Singapore MPI License

Unlock 15-30X Profits With These Top Four Altcoins in Market Recovery

Bitcoin Reaches $61,103 as Market Shows Signs of Recovery Despite Trading Volume Drop

Dogecoin Price Soars 2%, But Experts Say This 2.0 DOGE Might Be The Next Crypto To Explode

Bitcoin: Many Investors in Danger if this Critical Threshold is Crossed!

James Fickel Faces Major Losses

Join our free newsletter for daily crypto updates!