In the most recent investment round, Nocturne, Untangled Finance, Account Labs, Rymedi, and Waterfall network all received venture capital money.
Despite the current bear market, blockchain-based firms continue to raise capital, with MetaMask partner Blockaid raising $33 million in October. However, overall funding in the crypto business has decreased to levels last seen in 2020, with $2.1 billion amassed over 297 transactions in the third quarter of 2023, according to Messari. As is often the case during downturn markets, investors are scrutinizing ideas before investing and appear to be looking for tangible real-world applications.
The Nature Science Journal explored applications of blockchain technology as part of October’s highlights, applauding decentralized autonomous organizations (DAOs) for their potential to help underfunded scientific research. The venture capital (VC) roundup includes projects that raised funds in October.
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Untangled Finance has raised $13.5 million in funding to offer private credit on-chain
Untangled Finance, a London-based fintech, has secured $13.5 million to accelerate attempts to bring institutional-grade credit on-chain with a built-in liquidation mechanism. Fasanara Capital was the round’s lead investor. The protocol of the platform focuses on tokenizing real-world private credit assets like invoices and SME loans into on-chain structured credit pools. Untangled highlighted in a statement that these pools, in turn, permit the issuing of collateralized debt notes to both DeFi and TradFi investors. The protocol focuses on private credit markets, where it sees the greatest potential for DeFi. Untangled intends to use the funds to gain access to more than 130 confirmed asset originators in 60 countries.
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Nocturne earns $6 million in a seed round for Ethereum private accounts
Nocturne, a protocol that enables on-chain private accounts, has announced a $6 million seed fundraising round led by Bain Capital Crypto and Polychain Capital, with participation from Vitalik Buterin and other Ethereum community members. Bankless Ventures, HackVC, and Robot Ventures are among the other investors. According to a release, the company intends to launch on mainnet in the coming weeks. To enable private accounts on public blockchains, Nocturne provides a method that combines stealth addresses, zero-knowledge proofs, and account abstraction. The seed investment will help us speed the development and deployment of Nocturne’s protocol across many ecosystems. As the team continues to adapt to evolving regulatory needs, a portion of the round will also go to legal work.
Account Labs receives $7.7 million in investment for its UniPass Wallet app
Account Labs, a supplier of Web3 wallets, announced a $7.7 million funding round led by Amber Group, MixMarvel DAO Ventures, and Qiming Ventures, among others. This news comes with the release of UniPass Wallet, the company’s first consumer-facing software, on Polygon. Account Labs’ UniPass Wallet software, according to the company, uses account abstraction to enable users to create and access a self-custody Web3 wallet with simply a Google account and top up with any Mastercard or Visa card. In May 2023, Account Labs was founded by the combination of hardware wallet company Keystone and software wallet developer UniPass. The startup wants to meet the growing need for stablecoin transactions throughout Southeast Asia.
Rymedi raises $9 million to expand blockchain-based healthcare infrastructure
Rymedi, a blockchain-based healthcare data sharing platform, announced a $9 million Series A financing to broaden its reach. RW3 Ventures and White Star Capital co-led the investment, which also included Blockchange Ventures, Avalanche’s Blizzard Fund, and strategic angel investors from the healthcare industry. Rymedi claims to serve over 1 million patients in the United States, Africa, and Australia from over 1,200 locations. The cash will be used to improve data security and patient access to healthcare records. “We are always looking for great teams that are using blockchain technology to solve real-world problems with the potential to address global markets,” said RW3 Ventures managing partner Pete Najarian in a statement.
Waterfall has secured $2 million in funding for its mainnet debut
Protocol for the first layer Waterfall Network has raised $2 million in preparation for the launch of its mainnet in the first quarter of 2024. The investment was led by infrastructure provider Bytrade Lab. According to a release, Bytrade Lab has become a prominent investor and user of Waterfall Network following a six-month trial of its digital infrastructure. The protocol is Ethereum Virtual Machine (EVM) compatible and incorporates a technology known as Directed AcyclicGraph, or “DAG,” which is said to allow for infinite scalability. Waterfall is also working on a smart contract platform with BlueWave Corporation.
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