Blockchain firm Shardeum, founded by Nischal Shetty, a co-founder of Indian cryptocurrency exchange WazirX, has raised $18.2 million (about 145.6 crore) in its seed fundraising round, the company said.
The round valued the firm, which has its headquarters in Switzerland, at $199.1 million.
Over 50 investors participated in the round, including strategic investors like CoinGecko Ventures, Wemade, ZebPay, Jsquare, MH Ventures, Nestcoin, Veris Ventures, Tupix Capital, Mapleblock Capital, and NetZero Capital, as well as well-known names like Jane Street, Struck Crypto, The Spartan Group, Big Brain Holdings, DFG, Ghaf Capital Partners, and Foresight Ventures.
Comparing Shardeum to other Layer-1 blockchains like Ethereum, it seeks to have better scaling capabilities. Shardeum is a proof-of-stake smart contract platform.
The network can sustain cheap gas prices indefinitely thanks to the blockchain’s use of dynamic state-sharding technology, which enables it to linearly grow and improve TPS (transactions per second) with every node added to the network.
In order to address the UX problems users and developers are now experiencing with current sharded blockchains, Shardeum created a revolutionary architecture that would enable atomic cross-shard composability.
The additional funds will be utilized to expand the development team and step up the company’s marketing initiatives in order to further improve Shardeum’s dynamic sharding technology and ecosystem development, with an emphasis on product and design development.
Shardeum will actively sponsor hackathons in India and the US over the coming year and offer a platform to encourage developers to create and expand the Shardeum ecosystem.
29 people work with Shardeum and are located all over the world, including in Brazil, India, the US, and the UK.