Solana Automation Network Clockwork Raises $4 Million
Clockwork, a Solana-based decentralized automation network, has announced the completion of a $4 million seed financing headed by Multicoin Capital and Asymmetric.
According to a press release issued Tuesday, Solana Ventures also participated in the financing. According to a Clockwork representative, El Cap Ventures is also an investor and participated in a previous round.
With the Solana validator network, developers can schedule recurring operations and automate on-chain workflows, according to Nick Garfield, founder and CEO of Clockwork.
He added that automating chores in decentralized setups may be more challenging. Clockwork addresses this by paying validators to perform planned transactions, allowing developers to integrate automated operations while maintaining decentralization.
The increased funding will build the community, expand the team, and promote partner integrations. According to a spokesperson, the business is currently collaborating with multisig wallet and DAO tooling services to provide payroll solutions such as periodic token transfers.
Kyle Samani, the managing partner at Multicoin Capital, said in the release:
“Clockwork answers a whole bunch of questions that have held back dapp development from moving up the stack—How should nodes track and delegate scheduled tasks? What if a malicious node attempts to execute a task ahead of schedule? Is the scheduler fault-tolerant if some nodes go down? None of these questions had answers before Clockwork.”
Validators that install network plugins can earn automation fees from crank tasks, which are the act of automating blockchain instruction. According to the announcement, this will boost their yields.
Clockwork, originally known as Cronos, was founded in September 2021 to develop a payment system for Solana. It recently won the Solana Riptide hackathon, a worldwide hackathon attended by 7,000 people.
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