Last week, there were a total of 18 public financing events in the cryptocurrency market, with a cumulative financing of approximately 1.34 million USD | Investment and Financing Weekly Report
Brazilian blockchain startup Multiledgers has completed a $1 million funding round, led by Oxygea Ventures and Indicator Capital; cryptocurrency betting platform BetHog has completed a $6 million seed funding round, led by 6MV.Organizer: Luan Peng, RootData
According to incomplete statistics from RootData, during the period from November 11 to November 17, 2024, there were a total of 18 public financing events in the blockchain and cryptocurrency industry, with a total financing amount of approximately $134 million.
From the perspective of sector distribution, the projects that received financing are mainly concentrated in the infrastructure and DeFi sectors. Popular projects include the decentralized AI-as-a-service cloud project Heurist, the DeFi platform Folks Finance, the blockchain game developer Thetan World, and the digital asset trading platform Wyden.
In addition, the Web3 AI company Eidon completed a $3.5 million seed round financing, led by Framework Ventures, with participation from the Cayman Islands venture capital firm cyber.Fund.
*（List of projects with financing greater than $5 million last week, data source: * Rootdata）
1. Infrastructure
The decentralized AI-as-a-service cloud project Heurist has completed $2 million in Pre-Seed round financing, with participation from institutions such as Amber Group, Contango Digital Assets, Manifold, Selini Capital, Sharding Capital, X Ventures, Zephyrus Capital, Mozaik Capital, Steroids Capital, and several angel investors.
According to RootData, Heurist is a Layer 2 network based on ZK Stack for hosting and inferring AI models. It provides serverless access to open-source AI models hosted by a decentralized computing resource network. Its vision is to democratize AI through blockchain, ensuring accessibility and equitable innovation.
Zero Gravity Labs (0G Labs or 0GL) is a crypto AI startup focused on developing infrastructure for decentralized AI systems. The company announced it has raised $290 million in new financing, which includes $40 million in seed round financing and a $250 million token purchase commitment received by the 0G Foundation (the independent governing body of the 0G protocol).
This round of financing was led by Hack VC, Delphi Digital, OKX Ventures, Samsung Next, Bankless Ventures, Animoca Brands and its co-founder Yat Siu, Polygon and its co-founder Sandeep Nailwal, Stanford Blockchain Fund, Abstract VC, Alchemy, Blockdaemon, Foresight Ventures, among others.
0G Labs now describes itself as a crypto AI startup rather than a modular blockchain or data availability (DA) layer. Co-founder Heinrich stated, "The previous narrative did not cover the entirety of our mission to build AI as a public good; DA is just one component of this puzzle, as are verifiable inference, training, and so on."
0G Labs is building what it calls a decentralized AI operating system (dAIOS), aimed at enabling the development of on-chain AI applications.
Brazilian blockchain startup Multiledgers announced it has completed a new round of financing totaling $1 million, led by Oxygea Ventures and Indicator Capital (which invested $475,000 each), with Koyamaki Ventures participating (investing about $50,000). The company plans to use the new funds to help businesses create, manage, and integrate networks to manage and certify information and assets, with its main use case being on-chain management of environmental certificates to ensure compliance.
Web3 AI company Eidon completes $3.5 million seed round financing, led by Framework Ventures
Web3 AI company Eidon has completed $3.5 million in seed round financing, led by Framework Ventures, with participation from the Cayman Islands venture capital firm cyber.Fund. The company intends to use the seed funds to develop its team.
Eidon encourages users to provide data for training AI models. Users can submit new data, such as fine hand movements or object interactions, and others can verify the authenticity of the data through an upcoming blockchain audit. Eidon’s first network version went live on November 12. The network includes platform applications for data assessment and collection, as well as an open sequencer for record preservation.
ZK full-chain data proof platform Brevis Network announced it has completed $7.5 million in seed round financing, co-led by Polychain Capital and Binance Labs, with participation from IOSG Ventures, Nomad Capital, Bankless Ventures, HashKey Capital, and others.
Brevis is described as a ZK co-processor or computing network designed to enhance blockchain scalability through ZK proofs. By performing complex tasks like data processing off-chain and only sending verified proofs back to the blockchain, Brevis aims to lighten the blockchain's workload, increase speed, and reduce costs.
The decentralized data storage project Akave has completed $3.45 million in financing, with this round led by Protocol Labs, Blockchange VC, Lightshift, and Blockchain Builders Fund. The financing will be used to accelerate Akave's development in on-chain data management.
Akave has launched the Yucca testnet, open to early testers for exploring on-chain data storage and programmability. As a hot storage Layer 2 solution for Filecoin, Akave provides tools for enterprises, AI companies, and DePIN developers to move beyond traditional cloud storage, build on-chain data lakes, and promote data ownership and new data monetization models.
Additionally, the Filecoin L2 project Storacha has also announced the launch of its Alpha version network within the Filecoin ecosystem, focusing on high-performance hot storage, primarily targeting high-demand application scenarios such as gaming, AI, and DePIN. Storacha was founded by core developers of IPFS and Filecoin, aiming to provide a distributed storage experience comparable to traditional S3.
According to The Block, the TON network expansion project TAC has completed $6.5 million in seed round financing, led by Hack VC and Symbolic Capital, with participation from Primitive, Paper Ventures, Karatage, Animoca Ventures, Spartan Capital, TON Ventures, and Ankr. The valuation and structure of this round of financing have not been disclosed.
The testnet phase of TAC is expected to launch this week, with the mainnet release planned for the first quarter of 2025.
According to RootData, TAC is a TON network expansion that allows the EVM community to access Telegram's 950 million users.
2. DeFi
DeFi platform Folks Finance raises $3.2 million in Series A financing at a valuation of $75 million
DeFi platform Folks Finance raised $3.2 million in Series A financing, achieving a valuation of $75 million. This round was led by Borderless Capital, with participation from Algorand Ventures, Mapleblock Capital, Sovo Ventures, and others. Folks Finance's total financing amount has reached $6.2 million.
Folks Finance co-founder and CEO Benedetto Biondi stated that the first $2 million of this round was raised in February of this year, with the remaining $1.2 million raised recently. He declined to comment on the structure of this round of financing but noted that the $75 million reflects both equity valuation and fully diluted valuation (FDV), indicating that Folks Finance may issue tokens in the future.
According to RootData, Folks Finance is a DeFi platform that provides innovative tools for lending, trading, and managing digital assets. Users can deposit assets to earn yields, obtain loans by providing collateral, swap assets via Folks Router, and participate in Algorand governance through gALGO and xALGO assets.
According to Bitcoin.com, full-chain liquidity asset protocol StakeStone announced it has completed $22 million in financing, led by Polychain Capital. This financing also includes strategic investments from Binance Labs and OKX Ventures, with the seed round led by SevenX, and participation from Nomad Capital, HashKey Capital, HashKey Cloud, Amber Group, Coinsummer, Bankless Ventures, DAO5, Symbolic Capital, Arcane Group, Quantstamp, and others. This financing will drive StakeStone's accelerated growth while expanding its product offerings and strengthening its influence in key markets.
StakeStone aims to build the first liquidity ETH/BTC asset standard based on a highly scalable staking network, supporting a risk-free consensus layer for various native assets. With the support of this round of financing, StakeStone has also launched its liquidity BTC products, including liquidity index BTC ------ SBTC and yield-bearing liquidity BTC ------ STONEBTC, to enhance the application of native BTC in the EVM ecosystem and other blockchain networks. StakeStone is committed to driving real applications by providing high-utilization liquidity, empowering ecosystem partners and DeFi protocols such as Berachain, Movement Labs, Monad, Plume Network, Corn, Pendle, and AAVE DAO.
StakeStone will also launch payment products, providing flexible savings account features based on its yield-bearing liquidity ETH asset STONE, along with a "buy now, pay later" (BNPL) option, offering users greater transaction flexibility. Leveraging the real-time processing capabilities of MegaETH, this product aims to establish a sustainable model that drives real-world applications and supports large-scale adoption.
"We are very happy to collaborate with the world's leading crypto funds to build the next generation of full-chain liquidity infrastructure," said StakeStone co-founder Charles K. "Their expertise and support are crucial for our ongoing innovation and the global adoption of our products. Additionally, through this financing, we are committed to bringing decentralized finance into the real world. Together with the next generation of high-performance blockchain networks, we aim to increase the number of users served from hundreds of thousands to tens of millions or even hundreds of millions through RWAFi and PayFi, pushing the crypto industry into the era of super applications."
London-based blockchain embedded asset financing platform Tranched announced it has completed $3.4 million in financing, led by Speedinvest, with participation from Andreessen Horowitz's crypto startup accelerator (CSX), Blockwall, Kima, and OVNI Capital. Specific valuation information has not been disclosed.
According to RootData, Tranched is an on-chain lending platform that helps the real economy obtain financing transparently without intermediaries. Tranched can tokenize loans and automate all management and reporting through smart contracts. With a complete security chain, investors can witness the truth of legal, audit, and cash flow becoming an immutable value chain.
3. Gaming
Blockchain game developer Thetan World receives strategic investment from Avalanche Blizzard Fund
Blockchain game developer Thetan World announced it has received strategic investment from the Avalanche Blizzard Fund, with specific investment amounts and valuation information not disclosed. The new funds are intended to support Thetan World in building a high-quality original game ecosystem based on P2E.
It is reported that Avalanche will also provide support for its economic and infrastructure foundation.
Social competition platform MiniTon announced it has completed seed round financing. This round was participated by Waterdrip Capital, Alchemy Pay, CGV, Web3Port Foundation, PangDAO Head Ricky, OGBC Innovation Hub Founder Jayden Wei, and others.
It is reported that MiniTon is a project initiated with funding from the TON Foundation, and MiniTon will use this financing to complete the development of the product's Alpha version and core value testing.
Additionally, the Web3 asset data platform RootData shows that MiniTon is a social competition platform supported by TON, allowing users to play fun games and win real prizes.
Crypto betting platform BetHog completes $6 million seed round financing, led by 6MV
Crypto betting platform BetHog has completed $6 million in seed round financing, led by 6MV, with participation from Will Ventures, Bullpen Capital, Karatage, Advancit Capital, and several angel investors, including Eilers & Krejcik, LLC honorary partner Chris Grove, and Flutter Entertainment co-founder Josh Hannah.
The company was founded by tech entrepreneurs Nigel Eccles and Rob Jones, who co-founded FanDuel in 2009. FanDuel is a leader in the U.S. sports betting market, with a market share of 42% in 2022.
BetHog is built on Solana, with SOL as the supporting token for its PvP games. BetHog will also accept Bitcoin, ETH, and USDT in other games. After the first round of financing, BetHog will prioritize product development while expanding its business through strategic partnerships. The company currently has 10 employees.
4. AI
Web3 AI content recommendation system ❜mbd has completed $3 million in Pre-seed round financing, led by Mask Network and Polymorphic Capital, with participation from a16z CSX, Forward Research, Social Graph Ventures, and WAGMI Ventures.
❜mbd has established a machine learning recommendation system that pre-trains on-chain data, aiming to provide each user with dynamic and relevant content and actions. The flagship product of ❜mbd is a set of machine learning APIs for Web3 developers, designed to provide users with relevant and timely social content, minting, and trading by integrating on-chain and off-chain data.
5. Others
Digital asset trading platform Wyden announced it has completed $16.4 million (145 million Swiss francs) in Series B financing, led by French fintech investment company Truffle Capital, with new investors such as Postfinance, SBI-Sygnum-Azimut Digital Asset Opportunities Fund, and Fivet Fintech also participating. Existing investor C3 Venture Capital also participated in this financing.
Additionally, the Web3 asset data platform RootData shows that Wyden ensures optimal execution through market-wide connections and end-to-end digital asset orchestration. Seamless integration with major custodians, core banking, and portfolio management system providers makes Wyden a leading institutional trading platform covering the entire trading lifecycle of cryptocurrencies and digital assets.
According to Decrypt, Web3 health tech startup Pulse announced it has completed $1.8 million in seed round financing, co-led by Collab+Currency and Lemniscap, with participation from Delphi Digital and Lattice Fund, as well as some well-known angel investors, including Solana co-founder Anatoly Yakovenko and Santiago R Santos.
The new funds will drive Pulse's mission to create digital twins—secure virtual records that bring the platform closer to personalized preventive healthcare. Pulse's platform addresses the three challenges of balancing privacy, personalization, and prevention in healthcare while allowing users complete control over their data.
Pulse's digital twin technology aggregates wearable devices, electronic health records, and diagnostic data into a comprehensive, unified health record. Pulse's integrated wearable devices can track essential health metrics such as heart rate variability, sleep patterns, and blood oxygen levels across more than 50 activities.
Bitwise acquires Ethereum staking service provider Attestant
According to Bloomberg, Bitwise Asset Management Inc. has acquired Ethereum staking service provider Attestant, aiming to expand its business beyond its core operations. Specific terms of the deal have not been disclosed. Following the completion of the transaction, Bitwise's assets under management will reach $10 billion. Additionally, Attestant's 11 employees will join Bitwise.
Crypto anti-money laundering company Notabene has completed $14.5 million in Series B financing, led by DRW Venture Capital, with participation from Apollo, Nextblock, ParaFi Capital, Wintermute, CMT Digital, F-Prime, Green Visor Capital, Illuminate Financial, Jump Capital, Signature Ventures, and Y Combinator.
Notabene is a startup that helps cryptocurrency trading companies comply with anti-money laundering (AML) regulations, aiming to become the SWIFT of crypto trading. Its network effects are continuously strengthening, with 165 companies using the platform, including some virtual asset service providers (VASPs) such as Copper, OKX, and Ramp.
