Blockchain Project Initia Closes $14 Million Series A Funding Round, Valuing It at $350 Million
Blockchain project Initia closed a $14 million Series A funding round valuing the company at $350 million, The Block reports. The round was led by Theory Ventures with participation from Delphi Ventures and Hack VC, among others. Angel investors include Keone Hon of Monad Labs, Bryan Pellegrino of LayerZero Labs, etc. Initia is developing a Layer 1 blockchain and an “intertwined optimistic aggregation” platform to build a multi-chain system. Its test network has completed 125 million transactions, and the main network and tokens are expected to go live in the next two months.
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