- Blockchain interoperability project Analog has raised $16 million in investment.
- The investment round was led by Tribe Capital.
- After funding, the project’s valuation reached $120 million.
Blockchain interoperability-focused startup Analog has completed a $16 million investment round at a $120 million valuation.
📣 We are thrilled to announce that we’ve successfully closed a $16M funding round led by  @TribeCap with support from @NGC_Ventures, @Wintermute_t,@GSR_io, @NEARProtocol, @OrangeDAOxyz, @Novogratz’s @Samara_AG_, @Balajis, and more!!!! 🥳
We’re excited to continue building the next… pic.twitter.com/ebhI0aGrOK
- Analog (@OneAnalog) February 12, 2024
The project has been backed by several venture capital firms and projects, including NEAR Protocol, Wintermute, Orange DAO, Quantstamp and NGC Ventures. Other funding participants include former Coinbase executive Balaji Srinivasan and Mike Novogratz’s Samara Asset Group. The investment round was led by Tribe Capital.
“We are excited to continue building the next generation of blockchain interoperability tools. All of this is made possible thanks to the support of our partners,” the developers said.
Analog was founded by Victor Yang and Sanchal Ranjan in 2021. They have previously worked on Polkadot, Cosmos and Chainlink ecosystem projects. The team is now building a product for developers to query data from smart contracts across various networks.
In addition, Analog offers a software development kit that enables blockchain connectivity and interoperability for automated market makers and decentralized exchanges, the company said in a press release.
The team reportedly started fundraising in October and will close in December 2023. The funding was realized through a simple agreement for future tokens (SAFT) model. The investment brought Analog’s valuation to $120 million, Yang said.
The team plans to use the capital to expand its staff and improve its product. Analog’s core network is scheduled to launch in the second quarter of 2024.
As a reminder, Nibiru Chain received $12 million in investment in February. We also reported on the payment service Oobit, which raised $25 million with the participation of Tether.
