Celestia Labs Completes $55M In Funding Led By Bain Capital Crypto And Polychain Capital

Celestia Labs, the modular blockchain team Celestia announced it has raised $55 million in support from rounds led by Bain Capital Crypto and Polychain Capital. The fundraising turned the blockchain into a $1 billion unicorn and is 4x oversubscribed.

On October 19, Celestia Labs, the Celestia modular blockchain team, announced the completion of a $55 million Series A and Series B funding, led by Bain Capital Crypto and Polychain Capital, with participants Participants include Placeholder, Galaxy, Delphi Digital, Blockchain Capital, NFX, Protocol Labs, Figment, Maven 11, Spartan Group, FTX Ventures, Jump Crypto and a host of angel investors.

Celestia is building a modular consensus and data network so that anyone can easily deploy their own blockchain with minimal cost. Celestia’s new modular blockchain architecture is created to increase the scale and speed of Web3 innovation over the next decade.

A person familiar with the matter told Coindesk that the fundraising turned this blockchain into a $1 billion unicorn and is 4x oversubscribed. Celestia previously raised $1.5 million in a seed round last March at an undisclosed valuation.

Celestia Labs, founded in 2019, is reinventing blockchain architecture by betting on “modular” blockchain networks, which the team believes will help deploy and scale blockchains easier.

Celestia is a minified L1 blockchain that focuses solely on ordering transactions and providing transaction data, the blockchain does not process smart contracts or perform calculations. Celestia launched the Mamaki testnet in May of this year but has yet to announce the token, Mamaki has introduced a new data availability API, and Mamaki’s upgrade is planned for late October 2022.

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