Unto Labs Secures $14.4M Funding Valuing Company At $1.4B
1min read Unto Labs, a cryptocurrency company founded by former Jump Crypto employee Liam Heeger, has successfully secured $14.4 million in funding. This financing round was led by Framework Ventures and Electric Capital, valuing the company at $1.4 billion. The funds will be used to expand the team, with plans to increase the workforce from 5 to 10 employees by the end of the year.
Heeger, who previously served as a core engineer at Jump Crypto for two years, was instrumental in developing the company's flagship product, Firedancer. This system connects to the Solana blockchain. In January of this year, Heeger left Jump Crypto to start his own venture, Unto Labs. His departure was met with a lawsuit from his former employer, accusing him of creating a competitive business. However, the parties have since reached a settlement, allowing Heeger to focus on his new project.
Unto Labs is developing its own virtual machine, ThruVM, for the planned Unto blockchain. This virtual machine will utilize RISC-V architecture, a popular open standard instruction set architecture. The company aims to leverage this technology to create a more efficient and scalable blockchain solution. The successful funding round indicates strong investor confidence in Heeger's vision and the potential of Unto Labs' technology.
The investment from Framework Ventures and Electric Capital underscores the growing interest in blockchain technology and its potential applications. Both firms are known for their expertise in the cryptocurrency space and have a track record of backing innovative projects. Their involvement in Unto Labs' funding round suggests that they see significant promise in the company's approach to blockchain development.
With the new funding, Unto Labs is well-positioned to accelerate its development efforts and expand its team. The company's focus on recruiting top talent will be crucial in achieving its goals. As the blockchain industry continues to evolve, Unto Labs' innovative approach and strong backing from leading investors could position it as a key player in the market.
