The blockchain space experienced a significant week of venture capital (VC) activity, with 23 startups securing over $154 million in funding. This influx of capital exceeded last week’s total by nearly $91 million, with VC firms funding 10 more projects compared to the previous week.

Top Deals Breakdown

Conduit – $37 Million

Leading the charge was Conduit, a crypto infrastructure firm that secured $37 million in a Series A round. The funding effort was co-led by Paradigm and Haun Ventures, with participation from Robot Ventures, Credibly Neutral, Coinbase Ventures, Bankless Ventures, and several angel investors. The funds are earmarked for developing Conduit’s customizable blockchain-based products, such as rollups, aiming to make on-chain computing more accessible.

MegaLabs – $20 Million

MegaLabs, the developer of a new Ethereum (ETH) scaling protocol, raised $20 million in a seed round led by Dragonfly Capital. Notable angel investors, including Ethereum co-founder Vitalik Buterin, ConsenSys CEO Joseph Lubin, EigenLayer creator Sreeram Kannan, and Hasu of Flashbots, also participated. The capital will accelerate the development of the MegaETH protocol, with a testnet launch planned in the coming months.

Ora – $20 Million

Ora, a blockchain project focusing on integrating AI into decentralized applications, also raised $20 million. Investors included Polychain, HF0, and Hashkey Capital. The funds will be used to develop Ora’s technology and infrastructure for tokenizing AI models, bringing decentralized AI to the Ethereum ecosystem. Central to Ora’s innovation is their opML technology, which supports their opp/ai product, using optimistic systems and zero-knowledge technology for secure on-chain machine learning with privacy-preserving features.

Crossover Markets – $12 Million

Crossover Markets, a technology firm, raised $12 million in a Series A round led by Illuminate Financial and DRW Venture Capital. Strategic investors such as Flow Traders and Wintermute, along with retail brokers like Exness, Gate.io, and Think Markets, also participated. The funding will be used to invest in the company’s team and technology to solidify its market position. Crossover Markets is known for its execution-only electronic communication network, CROSSx, serving as an institutional trading venue for digital assets.

Redacted – $10 Million

Redacted, a web3 entertainment and gamification platform, raised $10 million in a round led by Spartan Group, with participation from Animoca and P2 Ventures. Prominent crypto figures like Dingaling and Grail also contributed. The funds will support the development of Redacted’s ecosystem, offering a range of entertainment and gamification products powered by the RDAC token.

AnchorZero – $8 Million

AnchorZero, a New York-based platform enabling founders to leverage Roth IRAs for tax savings, secured $8 million in seed funding. The round was led by Bain Capital Crypto and Spark Capital, with additional support from Ethereal Ventures, Robot Ventures, and Mischief Capital. The platform offers a flagship product designed to simplify the transfer of startup equity into Roth IRAs, potentially unlocking significant tax savings and allowing for tax-free compounding of gains.

Covalent – $5 Million

Covalent, a blockchain data infrastructure firm, closed a $5 million strategic funding round led by RockTree Capital. Other participants included CMCC Global, Moonrock Capital, and Double Peak Group. Following the funding round, Covalent launched the New Dawn Initiative, a rebranding effort aimed at aligning more closely with its crypto-native community and reducing corporate influences. The startup plans to expand its operations across Asia, particularly in China, Korea, and Singapore, to support blockchain and AI innovations in the region.

SoSoValue – $4.15 Million

SoSoValue successfully closed a $4.15 million seed round led by HongShan and GSR Markets, with additional participation from Alumni Ventures, One Piece Labs, and CoinSummer Labs. The platform aims to empower investors with AI-driven data services and will use the funds to expand its global researcher community. Since its launch, SoSoValue has attracted over 1.2 million organic registered users, providing tools and resources for informed decision-making in the fast-paced crypto market.

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