Under a new name, Ava Protocol has successfully secured $10 million in seed funding. This includes an initial round of $5.5 million followed by a subsequent seed+ round of $4.5 million. These funds will be utilized to support the development of Ava Protocol’s Eigenlayer AVS, which focuses on intent-driven and event-centric private autonomous transactions on Ethereum and other platforms.
Leading investors in the current seed+ round include BingX Exchange, Taisu Ventures, Electric Capital, Bloccelerate VC, and Shima Capital. They are joining previous seed investors such as Greylock, Foundation Capital, GSR, and Polygon founder Sandeep Nailwal.
Chris Li, the Founder of Ava Protocol, expressed his excitement about the recent funding, stating:
Sam Shev, Head of Marketing at Ava Protocol, also shared his thoughts:
Jerry Chen from Greylock, a participant in the seed round, highlighted the importance of developing fundamental web3 infrastructure for intent-based private autonomous transactions.
The Ava Protocol aims to enable cross-chain smart contract automation, allowing contracts to be executed based on predefined criteria like time, price, or computation. This technology has various practical applications, including managing elastic supply tokens and executing limit orders on decentralized exchanges.
Ava Protocol continues to make significant progress as its team works on enhancing its testnet and expanding its capabilities. The testnet is currently being used by over 10,000 unique wallets, with more than 1,000 automated transactions taking place daily.
The Ava Protocol will facilitate automatic and recurring Ethereum “super-transactions” without the need for custom coding. This will enable private automation for every transaction or smart contract function, reducing the time to market for web3 applications. Developers can focus on their core skills while benefiting from seamless transaction processing similar to Stripe’s payment platform.
More than 30 ecosystem partners have committed to developing decentralized applications (dapps) utilizing Ava Protocol’s private payment technology. Collaborations with established projects like Polkadot, Moonbeam, and Astar are laying the groundwork for widespread adoption of Ava Protocol’s autonomous transaction capabilities.