Shardeum Raises $18.2 Million in Seed Round Funding
October 18, 2022 — Shardeum, an Ethereum Virtual Machine (EVM)-based sharded blockchain which enables infinite scalability and atomic cross-shard composability, today announced $18.2 million in the blockchain’s first seed round funding. The round includes over 50 investors with prominent ones such as Jane Street, Struck Crypto, The Spartan Group, Big Brain Holdings, DFG, Ghaf Capital Partners, Foresight Ventures as well as other notable strategic investors including CoinGecko Ventures, Wemade, ZebPay, Jsquare, MH Ventures, Nestcoin, Veris Ventures, Tupix Capital, Mapleblock Capital and NetZero Capital. Many influential angel investors participated in the round, including Balaji Srinivasan, Mayur Gupta (CMO at Kraken), Michael Montero (Co-founder at Resy – acq. American Express and Co-Founder at CrowdTwist – acq. Oracle), Pankaj Gupta (VP Engineering at Coinbase), Harsh Rajat (Co-founder at Push Protocol), Nakul Gupta (Lead PM at Coinbase NFT Marketplace & Institutional Onboarding), Ajeet Khurana (Founder at Reflexical), Ravi Adusumalli (GP at Elevation Capital), Rohan Chauhan (Digital assets at Hudson River Trading), Ganesh Swami (Co-founder at Covalent), Kashif Raza (Founder at Bitinning), and more.
Shardeum is a proof-of-stake smart contract platform that offers vastly improved scaling capability when compared to other Layer-1 blockchains like Ethereum. The blockchain uses dynamic state sharding technology, which allows it to linearly scale and increase TPS (transactions per second) with every node added to the network, ensuring that the network can maintain low gas fees indefinitely. A major hurdle for developers within the current blockchain ecosystem is that existing sharded blockchains don’t allow for atomic composability across shards. Shardeum has designed a novel architecture which allows for atomic cross-shard composability to resolve the UX issues developers and users face in current sharded blockchains.
Shardeum’s founders, Nischal Shetty, who founded India’s largest crypto exchange, WazirX, and Omar Syed, a blockchain architect who has helped companies including NASA, Yahoo, and Zynga build scalable, fault-tolerant, distributed systems, have laid out three guiding principles for the Shardeum blockchain. Much like the original intention of the Internet, Shardeum’s core ethos will be centered around being open, collaborative and community-driven, in order to fully democratize accessibility to decentralization.
“The Blockchain Trilemma has been a difficult problem to solve, and scalability is the most significant factor that is preventing wider crypto adoption especially in emerging
markets like India,” said Shardeum co-founder Nischal Shetty. “The Web3 ecosystem has been on a massive growth spree. For Web3 to onboard 1 billion users in the next few years, we need a scalable L1 blockchain which ensures 1 cent fees forever while maintaining decentralization. Shardeum aims to make that happen.”
“Shardeum’s protocol is the first of its kind, and strategically and efficiently solves the pain points of today’s most reputable blockchains,” said Adam Struck, Founder and Managing Partner of Struck Capital. “We pride ourselves on investing in visionary projects led by revolutionary technologists, and are delighted to join Shardeum in its mission to provide scalable, economical, and streamlined decentralization for the world.”
“I invested in Shardeum as I think they are trying an interesting approach to scaling, which increases TPS as more validation nodes are added,” said Balaji Srinivasan.
The funds raised will be allocated towards ramping up the company’s marketing efforts along with growing the development team to further enhance Shardeum’s dynamic sharding technology and ecosystem development, with special attention on product and design development. Funding will also go towards expanding the company’s research and marketing efforts. Over the next year, Shardeum will be actively hosting hackathons in India and the U.S. and providing a platform that incentivizes developers to build and grow the Shardeum ecosystem.
To learn more about Shardeum, visit: https://shardeum.org/
Shardeum is the world’s first EVM-based Layer 1 blockchain which uses sharding to increase TPS (transactions per second) with the addition of every new node while retaining atomic composability. Shardeum provides low gas fees forever while maintaining true decentralization and solid security through dynamic state sharding. Shardeum aims to accelerate the transition to Web 3.0 by providing a platform that enables decentralized user experiences that are better than centralized competitors at scale.
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