Ava Protocol, formerly known as OAK Network, has successfully closed a $10 million seed funding round. This funding consisted of an initial $5.5 million round, followed by an additional $4.5 million in seed+ funding. The newly secured funds will be utilized to advance Ava Protocol’s mission of creating an intent-centric, event-driven Eigenlayer AVS to facilitate private autonomous transactions on Ethereum and other platforms.
The recent seed+ funding round attracted participation from notable investors such as Electric Capital, Taisu Ventures, Bloccelerate VC, BingX Exchange, and Shima Capital. These investors joined an impressive list of earlier seed supporters, including Sandeep Nailwal, the founder of Polygon, as well as Greylock, Foundation Capital, and GSR.
Chris Li, the founder of Ava Protocol, expressed appreciation towards the investors, stating, “We are thankful to our seed and seed+ investors for believing in our vision of introducing composable autonomous transactions to Web3 and for accompanying us on this journey. We are confident that their trust will be rewarded as we progress towards our mainnet launch and onboard more ecosystem partners who will showcase the efficiency that Ava Protocol’s super-transactions bring to payment and smart contract data.”
Ava Protocol is dedicated to developing fundamental Web3 infrastructure for intent-based private autonomous transactions. The platform enables cross-chain smart contract automation, allowing contracts to be executed based on predefined conditions such as time, price, or computation. This functionality has diverse practical applications, from executing limit orders on decentralized exchanges to managing elastic supply tokens.
Sam Shev, Head of Marketing at Ava Protocol, emphasized the significance of the seed investment, stating, “With the support of our seed investors, we are well-positioned to onboard additional partners who will be the first to leverage Ava Protocol’s Eigenlayer AVS. We are excited to explore the various ways in which developers will utilize this technology to unlock new use cases across DeFi, gaming, insurance, automated trading, and more.”
Jerry Chen from Greylock, an early seed round investor, commended Ava Protocol’s innovative approach, saying, “We were impressed with Ava Protocol’s solution for enhancing blockchain payments and simplifying complexities for dApp developers. The practical applications for Ava Protocol’s payment technology are vast, and we are eager to see how it transforms sectors like DeFi, NFTs, and RWAs.”
Ava Protocol has already made significant progress with its testnet, boasting over 10,000 unique wallets and more than 1,000 automated transactions conducted daily. The high activity on the testnet indicates strong interest and engagement from the Web3 community. Additionally, Ava Protocol’s technology supports recurring and automated “super-transactions” for Ethereum without requiring custom code, reducing time to market for Web3 applications.
The protocol has secured commitments from over 30 ecosystem partners who are developing dApps utilizing Ava Protocol’s private payment technology. Noteworthy product partnerships with Polkadot, Moonbeam, and Astar further solidify Ava Protocol’s foundation, driving adoption and implementation of its autonomous transactions. Positioned as a key player in the Web3 infrastructure space, Ava Protocol offers innovative solutions for cross-chain automation, empowering developers to deploy powerful dApps quickly and efficiently across the Web3 landscape.
With diverse investor support, the $10 million seed funding will propel Ava Protocol towards its ambitious objectives. As the protocol gears up for its mainnet launch and expansion of its ecosystem, it stands at the forefront of blockchain innovation, leading the evolution of autonomous, intent-based transactions.
