Sei Labs Secures $30M Funding From Leading Investors

by BSC News

April 15, 2023


Sei Labs secures $30M funding from top investors including the likes of Jump Crypto, Multicoin and MH Ventures to develop its layer 1 blockchain for trading.

Strong Backing for Sei

Sei Labs, a contributor to the open-source Sei blockchain, announced that it has raised $30 million in funding from strategic investors in two funding rounds.

Among the investors is Jump Crypto, as well as, Distributed Global, Multicoin, MH Ventures, Asymmetric, Flow Traders, and Hypersphere.

Sei Labs is developing the fastest Layer 1 blockchain for trading that uses unique chain-level optimizations to provide decentralized exchanges and trading apps with a superior user experience, enhanced performance, and scalability.

There has been considerable interest in the exciting new project.

The funds raised from the funding rounds will be used to further accelerate the growth of Sei Labs and deepen its presence in the Asia-Pacific region. The company aims to cement its position as the fastest Layer 1 for trading and promote the development of the digital asset ecosystem worldwide.

Jayendra Jog, the Co-Founder of Sei Labs, said, "Our mission at Sei is to build the best infrastructure for trading. This funding will accelerate our efforts to unlock the next cycle of new applications in Web3, enabling developers to build apps that are orders of magnitude more performant than before."

Sei has already demonstrated significant growth during its development phase. More than 120 teams are deploying on Sei ahead of mainnet, indicating strong developer excitement and support. Furthermore, Sei's latest public testnet, which went live on March 13th, has already attracted over 3.6 million unique users and processed over 35 million transactions in less than a month.

Jog added that the primary goal of the capital raise was to bring in the right strategic partners. "We already had ample runway, so the primary goal of this capital raise was to get the right strategic partners around the table, and we’re elated with the crew that we were able to lock in," he said.

Sei Labs' success and potential have attracted top investors who recognize its unique value proposition and the role it can play in enhancing the performance and scalability of the trading ecosystem. With MH Ventures among its backers, Sei Labs is poised to achieve its mission of becoming the best infrastructure for trading in the digital asset ecosystem.

What is Sei Labs:

Sei Labs is a contributor to the open-source Sei blockchain, the fastest Layer 1 for trading. Sei's unique chain-level optimizations enable decentralized exchanges and trading apps to offer the best user experience with modern performance and scalability. The Sei Labs team is composed of industry veterans from Goldman Sachs, Databricks, Robinhood, Google, and Nvidia.

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