NEAR Spin-Off Nuffle Labs Secures $13M to Boost Modular Network

The NEAR Foundation has announced that the new spin-off platform Nuffle Labs, previously known as NEAR Modular, has secured $13 million in funding. Nuffle Labs is emerging from NEAR Foundation and Pagoda with a focus on enhancing NEAR’s modular network.

Nuffle Labs is developed by the core team responsible for creating the NEAR Data Availability Layer (NEAR DA) and the NEAR Fast Finality Layer (NFFL).

Nuffle Labs to Enhance NEAR’s Modular Solutions

As Nuffle Labs spins out to concentrate on growth within the modular ecosystem, its primary goal is to provide essential modular solutions to rollups. The platform has successfully raised $13 million in funding to support this initiative.

The capital includes a strategic grant from the NEAR Foundation and significant investments from external entities, spearheaded by venture capital firm Electric Capital. Other participants in the funding round include Canonical Crypto, Robot Ventures, Fabric Ventures, Caladan, and Lyrik Ventures.

Notable angel investors backing the initiative include Sam Kazemain of Frax Protocol, Sandeep Nailwal of Polygon, and Sreeram Kannan of Eigenlayer.

“We are excited to back Nuffle Labs, the builders behind NEAR DA and the NEAR Fast Finality Layer (NFFL). As the core team that developed these products from the ground up, Nuffle Labs has the expertise to advance these modular solutions, creating a world where intra- and interchain transactions are cheap, fast, and secure,” said Avichal Garg, general partner at Electric Capital.

Nuffle Labs will utilize the funding and resources to advance both NEAR DA and NFFL. The platform plans to expand its team and invest in research and development.

Altan Tutar, CEO of Nuffle Labs, expressed enthusiasm about the opportunities that spinning out presents. The funding will aid the team in growing and developing NEAR’s modular products. Nuffle Labs’ other co-founders include Sam Wang, Firat Sertgoz, and Donovan Dall.

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