April 25, 2024
Movement Labs, a San Francisco-based blockchain development team, has secured $38 million in a Series A financing round. The funding was led by Polychain Capital, with participation from prominent firms including Hack VC, Placeholder, Archetype, Maven 11, Robot Ventures, Figment Capital, Nomad Capital, Bankless Ventures, OKX Ventures, dao5, and Aptos Labs.
Project | Latest Raise | Latest Raise | Stage | Total Raise | Lead Investor | Category |
---|---|---|---|---|---|---|
Movement Labs | Apr 25, 2024 | $38M | Series A | $41.4M | Polychain Capital | Security |
Movement Labs aims to address smart contract vulnerabilities and enhance transaction throughput on Ethereum by bringing Facebook's Move Virtual Machine to the network. Founded in 2022, the company focuses on creating a secure and performant Ethereum ecosystem through its "Integrated Approach."
Move Virtual Machine (MoveVM) enhances smart contract security and transaction throughput. The zero-knowledge Layer 2 blockchain offers over 30,000 TPS and prevents common vulnerabilities like reentrancy attacks. This integrated approach combines shared sequencing, formal verification provers, alternative data availability, and Ethereum settlement.
The recent $38 million Series A funding will support Movement Labs' development and scaling efforts. The team plans to introduce Move Stack, an execution layer framework compatible with rollup frameworks from companies like Optimism, Polygon, and Arbitrum.
Key benefits include enhanced security for smart contracts, high performance with 30,000+ transactions per second, and a developer-friendly, intuitive, and bug-resistant experience.
Rushi Manche, Co-Founder of Movement Labs, stated, "Movement is designed to increase the velocity of innovation in crypto." Bobby Beniers from Polychain noted, "Movement can build a flourishing ecosystem that is home to a new generation of mainstream applications."
Movement Labs is set to revolutionize the Ethereum ecosystem by addressing key infrastructure issues such as smart contract security and transaction throughput. The company's innovative approach promises to drive significant advancements in the blockchain space.
About Movement Labs
Movement Labs is a modular framework platform that builds and deploys move-based blockchains and applications in distributed settings. Founded in 2022 by Rushi Manche and Cooper Scanlon, the company aims to bring the Move Virtual Machine to Ethereum, enhancing smart contract security and performance.
Website: https://movementlabs.xyz/
X Account: @movementlabsxyz
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About Investor
Investor: Polychain Capital
Description: Polychain Capital is a venture capital firm that invests in blockchain technology and cryptocurrency companies.
Location: United States
Website: https://polychain.capital/
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