ChainCatcher news, modular blockchain developer Hemi Labs has completed a $15 million financing round, led by Binance Labs, Breyer Capital, and Big Brain Holdings, with participation from Crypto.com, HyperChain Capital, Alchemy, SALT Fund, Kelly Capital, Sunflower Capital, DNA Fund, Web3 Ventures, Quantstamp, TRGC, UTXO, Artichoke Capital, SNZ Holding, Capital6, IBG Capital, Protein Capital, MON Ventures, SV5, Impossible Finance, Wu Jihan (Bitdeer), and George Burke (Portal).Hemi Labs will use the funds to develop and launch the Hemi Network, with the Hemi Network incentive testnet now live, and the company plans to launch the mainnet in the fourth quarter.According to RootData, Hemi Network is a modular Layer 2 network that facilitates Ethereum smart contract functionality secured by the Bitcoin network. The chain introduces the Hemi Virtual Machine (hVM). HVM allows developers to create smart contracts that interact with the Bitcoin state, unlocking Bitcoin-based DeFi applications, including staking, lending markets, and democratized MEV markets.

ChainCatcher news, according to CoinDesk, Hemi Labs announced the launch of Hemi Network. Hemi Network is a modular Layer2 blockchain network focused on achieving scalability, security, and interoperability between Bitcoin and Ethereum.According to the team, Hemi Labs was co-founded by early Bitcoin core developer Jeff Garzik and blockchain security expert Max Sanchez, the latter being the main developer of Hemi's unique security feature inherited from Bitcoin, the Proof-of-Proof consensus protocol.