$5.5 million in seed investment has been raised by Stackr Labs from a16z CSS, Archetype, and other sources.
Stackr is creating scaling infrastructure for Ethereum with an emphasis on “micro-rollups.” A preliminary fundraising round has earned $5.5 million for Stackr Labs, an Ethereum scaling business.
Lemniscap, Scalar Capital, Archetype, and other participants participated in the round, which was led by Archetype, according to Stackr on Wednesday. The seed round was also joined by angel investors Andrew Keys of Darma Capital, Mustafa Al-Bassam of Celestia Labs, Sreeram Kanan of EigenLayer, and Anurag Arjun of Avail.
Stackr, Ethereum Scaling Startup, Secures $5.5M in Seed Funding,Stackr, Ethereum Scaling Startup, Secures $5.5M in Seed Funding
Stackr claimed to be the sole Indian startup included in the 2023 batch of a16z CSS. According to its website, A16z CSS is the venture capital giant’s crypto accelerator programme. Participating businesses may expect to receive $500,000 in return for 7% ownership.
The date that Stackr began fundraising for its seed round and when the company concluded it are unknown; a16z Crypto tweeted about the platform for the first time in May. Kautuk Kundan, the CEO and creator of Stackr, declined to comment on the fundraising schedule. He also refrained from commenting on the seed round’s structure or value.
With an emphasis on “micro-rollups,” or app-specific rollups, Stackr is creating Ethereum scaling infrastructure to assist developers in launching scalable web3 apps using web2 programming languages.
Stackr claims that while it takes care of the underlying rollup infrastructure, its modular architecture will free developers to concentrate only on the unique logic of their applications.
“The Stackr framework will enable developers to create custom state machines based on particular use cases. They now have the freedom to create effective systems,” Kautuk said to The Block.
“Other Layer 2s lock the developers into their own virtual machine constraints that result in suboptimal developer experience and limit the kind of applications that are possible to be built.”
The 25-year-old Kautuk was formerly employed by the Ethereum Foundation as a developer and research and development engineer. The Ethereum Foundation awarded Stackr a Layer 2 Community Grant in 2022.
When Stackr compared its micro-rollups to other general-purpose or conventional rollups, including optimistic and zk-rollups, it stated that whereas traditional rollups are similar to monolithic systems, micro-rollups are more like microservices, which are a group of tiny, independent services that aid in the scalability of applications.
Though Kautuk stated that Stackr is open to incorporating additional chains in the future, its present priority is growing Ethereum.
With new funding in place, Stackr intends to double its workforce and introduce a testnet. Less than ten individuals work for the firm, which aims to bring web2 developers into the web3 environment.
Kautuk plans to add more employees in the areas of engineering, research, and business development. In order to entice developers to create on its platform, Stackr also intends to launch a funding programme.
Stackr, Ethereum Scaling Startup, Secures $5.5M in Seed Funding,Stackr, Ethereum Scaling Startup, Secures $5.5M in Seed Funding,Stackr, Ethereum Scaling Startup, Secures $5.5M in Seed Funding , Ethereum coin Crypto news, Ethereum coin News